Mumbai, February 9: The Indian stock market opened on a positive note on the first trading day of the week, Monday. The benchmark Sensex surged by 597.11 points, opening at 84,177.51, compared to its previous close of 83,580.40. Meanwhile, the Nifty opened at 25,888.70, gaining 195 points from its last close of 25,693.70.
As of around 9:30 AM, the 30-share BSE Sensex was up by 441.77 points, or 0.53%, trading at 84,022.17. The NSE Nifty also saw an increase of 128.95 points, or 0.50%, trading at 25,822.65.
In the broader market, the Nifty Midcap Index rose by 0.6%, while the Nifty Smallcap Index recorded a gain of 0.76%.
Sector-wise, the Nifty PSU Bank Index experienced a jump of over 3%, with the Nifty Realty Index rising by 1.7% and the Nifty Metal Index increasing by 0.9%.
Among the top gainers in the Sensex pack were shares of SBI, Titan, Eternal, Kotak Bank, Tata Steel, BEL, Adani Ports, and Indigo. Conversely, Power Grid, ITC, Bajaj Finance, Axis Bank, HUL, and ICICI were among the biggest losers.
Akash Shah, a technical research analyst at Choice Broking, noted that the Nifty50 had a weak start in the previous session, facing selling pressure in the early part of the day. However, a strong recovery was observed in the latter half, with the index closing at 25,693.70, reflecting robust buying by investors at lower levels. Technically, the Nifty faces immediate resistance in the range of 25,850-25,900, while support is seen at 25,550-25,600.
Experts indicated that on the previous trading day, Friday, February 6, foreign institutional investors (FIIs) made a net purchase of ₹1,950 crores, while domestic institutional investors (DIIs) recorded a net sell of over ₹1,265 crores.
They further advised traders to maintain discipline and adopt selective strategies in the current volatile market environment amid global uncertainties. It is recommended to focus on fundamentally strong stocks during declines. New long positions should be established only after a clear breakout above 26,000 on the Nifty, as this would signal a sustainable improvement in market sentiment.
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