Mumbai, 9 February: On Monday, the first trading day of the week, the Indian stock market opened in the green with a rise. During this period, the main benchmark of the domestic market, Sensex, opened at 84,177.51 with a jump of 597.11 points from its previous close (83,580.40), while Nifty opened at 25,888.70 with an increase of 195 points from its previous close (25,693.70). Till the time of writing the news (around 9.30 am), the 30-share BSE Sensex was trading at 84,022.17 with a rise of 441.77 points or 0.53 percent, while the NSE Nifty was trading at 25,822.65 with a rise of 128.95 points or 0.50 percent.

In the broader market, the Nifty Midcap index was up 0.6 per cent, while the Nifty Smallcap index was up 0.76 per cent. Among sectors, Nifty PSU Bank index saw a rise of more than 3 per cent, while Nifty Realty index saw a rise of 1.7 per cent and Nifty Metal index saw a rise of 0.9 per cent. In the Sensex pack, shares of SBI, Titan, Eternal, Kotak Bank, Tata Steel, BEL, Adani Ports, Indigo witnessed the maximum rise and were among the top gainers. Whereas the shares of Power Grid, ITC, Bajaj Finance, Axis Bank, HUL and ICICI were the shares that suffered the most losses.

Akash Shah, Technical Research Analyst, Choice Broking said that Nifty50 had a weak start in the last session and there was selling pressure in the first part of the day. However, a strong recovery was seen in the second half of the day and the index closed at 25,693.70 with an increase of about 210 points from the lower levels. This shows that investor buying remained strong at lower levels. Technically, the range of 25,850-25,900 is the nearest resistance for Nifty, while the level of 25,550-25,600 is being considered as immediate support.

Experts said that on the last trading day, Friday i.e. February 6, foreign institutional investors (FIIs) made a net purchase of Rs 1,950 crore in the market, while domestic institutional investors (DIIs) made a net sale of more than Rs 1,265 crore. The expert further said that in the volatile market environment amid global uncertainties, traders are advised to maintain discipline and adopt selective strategies. During the downturn, it would be better to focus on stocks with strong fundamentals. New long positions should be created only after Nifty shows a clear breakout above 26,000, as this will indicate a lasting improvement in the overall market sentiment.