Stock Market LIVE Updates: Sensex Opens Higher, Wipro Gains 3%

The Indian stock market kicked off on a positive note on Monday, October 14, 2024, following strong performance in global markets, particularly from Wall Street's record close on Friday. This upward momentum appeared to have spurred gains in Asia-Pacific markets as well.

Market Performance

At the opening bell, the BSE Sensex rose by 210.37 points, or 0.26%, reaching 81,591.73. The Nifty 50 index surged by 59.20 points, up 0.24%, settling at 25,023. The gains were primarily led by key stocks such as Wipro, which saw an increase of 2.21%, followed by JSW Steel and Hero MotoCorp.

Stocks in Focus

Despite the overall positive opening, 11 of the 30 stocks on the BSE Sensex were trading lower. Axis Bank faced a decline of 0.73%, along with other significant players like Bajaj Finance and UltraTech Cement. On the other hand, multiple stocks such as Wipro, JSW Steel, and HDFC Bank contributed to the market's upward trajectory.

Sector-wise Analysis

The sectorial performance was mixed, with the Metal index being the biggest gainer followed by the PSU Bank index. Conversely, sectors like Pharma and Healthcare faced slight pressure. Broader markets saw the Nifty Midcap 100 index remaining flat while the Nifty Smallcap 100 rose by 0.25%. Investors kept an eye on sectoral performance, with particular interest in the gains recorded in the IT and Auto indices.

Global Influence

Global cues remained a key factor for the Indian markets, with investors noting interest in the ongoing inflation data, both domestic and international. As inflation data from India is set for release, analysts commented on predictions that September's retail inflation might exceed the Reserve Bank of India’s medium-term target of 4%. Additionally, notable companies such as HCL Tech and Reliance Industries are expected to announce their quarterly results today.

International Market Reactions

During early trading, Asia-Pacific markets also showed resilience, particularly after China's Finance Minister hinted at room for increased deficit spending. Despite facing deflationary pressures, investors are optimistic about upcoming economic data releases from the region, including trade figures from China.

Upcoming Economic Data

This week is set to be significant for economic updates. Investors will be keeping track of third-quarter GDP figures, retail sales, and unemployment statistics from various central economies, with Japan's market also taking a cautious note of these developments.

Final Thoughts

As the trading day progresses, markets are anticipated to remain dynamic, analyzed closely by investors focused on sector movement and global economic indicators. Key performances by large-cap stocks will play a pivotal role in shaping the market's direction in the days to come.

StockMarket, Sensex, Wipro