Image Source : INDIA TV Stock market update for January 15.
Stock market update: Equity benchmark indices opened higher in early trade on Wednesday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 401.53 points to 76,901.16. Meanwhile, the Nifty was also up by 97.5 points to 23,273.55. The markets in India found support from domestic investors, even as foreign portfolio investors (FPIs) continued to book profits on any rise in Indian equities. This trend reflects a broader shift in market sentiment, with domestic investors playing a pivotal role in driving market growth.
Looking ahead, the trend is expected to continue as investors await third-quarter earnings reports from Indian companies. These reports will offer valuable insights into the direction of the economy. Additionally, the market will keep an eye on the upcoming Union Budget 2025 and the Reserve Bank of India’s policy meeting scheduled for next month.
On the foreign investment front, FPIs net sold Indian equities worth Rs 8,132.26 crore on Tuesday, while domestic institutional investors (DIIs) net bought shares worth Rs 7,901.06 crore during the session. This dynamic underscores the growing influence of domestic investors in the Indian stock market.
Rupee against dollar
Meanwhile, the rupee pared its initial marginal gain and slipped 2 paise to 86.55 against the US dollar in early trade on Wednesday as the positive sentiment in the domestic equity markets was negated by elevated crude oil prices and massive withdrawal of foreign funds. A retreating American currency, however, supported the Indian currency at lower level, forex traders said.
At the interbank foreign exchange, the rupee opened at 86.50 and touched 86.45 against the greenback in initial deals. However, the local unit soon pared the gains and traded at 86.55 against the dollar, 2 paise lower from its previous close.
(With PTI inputs)
