Mumbai, Dec 24 (IANS) Indian benchmark indices made moderate gains early on Wednesday amid positive global cues, as the stock market appears to be in a consolidation phase.
As of 9.30 am, Sensex advanced 105 points, or 0.12 per cent to 85,630 and Nifty gained 40 points, or 0.16 per cent to 26,217.
Main broad-cap indices outperformed benchmark indices in terms of gains, with the Nifty Midcap 100 advanced 0.31 per cent, while the Nifty Smallcap 100 added 0.53 per cent.
Hindalco Industries, Axis Bank and Cipla were among the major gainers in the Nifty Pack, while losers included Tech Mahindra, TCS, Titan Company, Dr Reddy’s Labs and Tata Consumer.
Among sectoral indices on NSE, Media, Metal and Realty were the major gainers — up around 0.82 per cent, 0.58 per cent and 0.78 per cent respectively. Nifty IT was leading losses down 0.49 per cent.
The Nifty could extend its advance toward resistance levels at 26,202 and 26,330, while 26,000 is expected to provide near-term support, said experts.
Analysts said that the market appears to be consolidating upward as CY2025 ends. Strong domestic macros and earnings growth expectations in Q3 and Q4 of FY26 and FY27 will support the market.
The market will be resilient due to domestic inflows and DII buying but FIIs may sell rallies, preventing a sharp breakout. The revival of the AI trade in US might impact sentiments in favour of a ‘non-AI trade’ in markets like India, they added.
An additional Rs 2 lakh crore OMO by the RBI will boost liquidity and lower yields, providing positive momentum to credit growth and bank stocks. The RBI on Tuesday announced a fresh set of steps to inject a large amount of money into the banking system to ease tight liquidity conditions.
Asia-Pacific markets traded flat with a positive bias, with several indexes set to close early in lieu of the Christmas Eve holiday.
In Asian markets, China’s Shanghai index advanced 0.24 per cent, and Shenzhen edged up 0.31 per cent, Japan’s Nikkei added 0.06 per cent, while Hong Kong’s Hang Seng Index gained 0.08 per cent. South Korea’s Kospi added 0.12 per cent.
The US markets ended mostly in the green zone overnight, as Nasdaq advanced 0.57 per cent, the S&P 500 edged up 0.46 per cent, and the Dow moved up 0.16 per cent.
On Tuesday, foreign institutional investors (FIIs) sold equities worth Rs 1,795 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 3,812 crore.
–IANS
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