India’s Nifty, Sensex inch higher to extend gains to second day

Published 24-12-2024, 10:54 am
© Reuters.  India’s Nifty, Sensex inch higher to extend gains to second day
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India’s Nifty and Sensex climbed up in early trade on Tuesday.

Trading was mostly subdued ahead of the Christmas holiday on Wednesday.

At 10:26 am local time, the Nifty was up around 75.80 points to trade at 23,829.25. The Sensex was up 0.35% to trade at 78,785.75 points.

Foreign institutional investors (FIIs) continued to sell Indian equities on Monday.

FIIs net sold Indian stocks worth around ₹161 crore (£15 million) on Monday.

Stocks in focus in India

Most Tata Group stocks saw gains on Tuesday, with Tata Investment (NS:TINV) Corp shares surging by as much as 10%.

Tata Motors (NS:TAMO) and Tata Chemicals (NS:TTCH) also saw an up to 5% rise, following the group’s announcement of plans to launch a mega ₹15,000-crore IPO for Tata Capital, its flagship financial services arm.

Tata Motors emerged as the top gainer in the Nifty 50 index.

Among sectoral indices, Nifty Auto, Infra, IT, FMCG, and Energy registered gains.

Metal stocks experienced profit booking after a 1% rally in the previous session. The Nifty metal index was flat in early trade.

Volatility eased, with the India VIX cooling off by another 2% to fall below the 13.5 level.

Asian markets mixed on Tuesday

Asian markets traded mixed on Tuesday.

In Japan, the Nikkei 225 reversed Monday’s gains, falling 0.27% to 39,055.35, weighed down by weakness in heavyweights like SoftBank Group and Fast Retailing.

Seoul shares opened slightly higher on Tuesday, tracking overnight gains in Wall Street’s blue-chip stocks.

The benchmark Kospi initially rose 3.73 points, or 0.15%, to 2,445.74, but later dipped into the red.

Hong Kong stocks saw a sharp rise on Tuesday, with the Hang Seng Index gaining 1.4% to 20,154.80.

The Hang Seng Tech Index also advanced 1.5%, reflecting optimism around Chinese policy measures aimed at boosting economic growth.

China’s CSI 300 also rose, up 0.75% to 3,963.03.

The Australian stock market edged up slightly, with the S&P/ASX 200 adding 0.16% to 8,214.60, as mixed sector performance extended the previous session’s gains.

US markets on Monday

U.S. stocks mostly moved higher on Monday, extending Friday’s strong gains and recovering from last Wednesday’s sell-off.

The Nasdaq Composite led the rally, rising 192.29 points, or 1.0%, to close at 19,764.89.

The S&P 500 added 43.22 points, or 0.7%, to finish at 5,974.07, while the Dow Jones Industrial Average saw a more modest gain of 66.69 points, or 0.2%, ending at 42,906.95.

The Nasdaq was bolstered by strong performances from major tech giants.

Meta (NASDAQ:META) Platforms, Nvidia, and Tesla (NASDAQ:TSLA) all posted significant gains, closing between 2.3% and 3.7% higher. Other big tech names like Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), and Alphabet also contributed to the broader rally in the tech sector.

Outside of tech, pharmaceutical stocks saw solid gains, with the NYSE Arca Pharmaceutical (TADAWUL:2070) Index rising 2.1%.

Trading activity was lighter than usual, with markets preparing for an early closure on Christmas Eve.

This article first appeared on Invezz.com

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