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Updated January 4th, 2024 at 09:51 IST

Sensex, Nifty open higher after two-session drop; Bajaj twin stocks, NTPC among early gainers

At 9:40 am, Sensex was trading 340.93 points higher at 71,697.53 and Nifty 50 was trading 88.95 points higher at 21,606.30.

Reported by: Business Desk
Stock market today
Stock market today | Image:Republic World
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Stock market today: Benchmark indices, BSE Sensex and Nifty 50, have opened higher on Thursday, January 4, 2024 after three gloomy sessions in this new year. S&P BSE Sensex opened at 71,678.93 and blue-chip NSE Nifty 50 opened at 21,605.80 today. In the broad market indices, Nifty Midcap 100 gained 1 per cent to touch a record high of 46,993.25.

At 9:40 am, Sensex was trading 340.93 points higher at 71,697.53 and Nifty 50 was trading 88.95 points higher at 21,606.30. Bajaj Finance stock gained over 3 per cent after the company shared a business update for the December quarter in which its assets under management (AUM) grew 35 per cent on-year to Rs 3.11 lakh crore, suggesting a strong festive period.

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“Amid a prevailing atmosphere of pessimism, the Nifty faces a challenging start to the new year, marked by significant volatility and profit-taking on Dalal Street. While the first three trading days reflect a downturn in equity, caution is advised against premature panic,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Tapse said that Wall Street's continued decline, a dip in bets for early rate cuts by the Fed, and elevated yields on the US Treasury note contribute to the apprehension.

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“The Nifty's technical landscape sees bears capitalising on overbought conditions, with key resistance at 22,000 and support at 21,307. The outlook is shadowed by anxiety over weak IT stock earnings,” Tapse added.

Tapse said that the trading strategies involve cautious moves on Nifty and Bank Nifty. “Bullish prospects are highlighted for Adani Ports, Coal India, Zee Entertainment, and SBI,” he added.

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Published January 4th, 2024 at 09:48 IST

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