Indian Stock Market Sees Gains As Sensex Rises Despite Global Selling Pressure

The Indian stock market began positively on January 28, with major indices showing gains. Sensex rose by about 350 points, trading near 75,700. Nifty also saw an increase of around 90 points, reaching close to 22,900. Despite this, global markets are experiencing significant selling pressure, particularly in technology stocks. The competition from Chinese AI company Deepseek against ChatGPT and Gemini has notably impacted the market.

Currently, the domestic market's upward trend is supported by buying activity in banking, financial, and realty sectors. However, sectors like FMCG, media, and pharma are facing selling pressure. Among Nifty stocks, Sriram Finance emerged as the top gainer with a 2.5% increase. Axis Bank and Bajaj Finance are also performing well, while Sun Pharma and Mahindra & Mahindra are among the top losers.

As of 9:40 AM, out of 3,139 stocks trading on the BSE, 2,049 are in the red while 949 are in the green. Trading is not occurring in 141 stocks. The total market capitalisation of listed companies has risen to Rs. 407.53 lakh crore. Notably, the number of registered investors on BSE has surpassed 20.72 crore.

On January 27, foreign institutional investors (FIIs) sold shares worth Rs. 5,015 crore in the cash market. In contrast, domestic institutional investors (DIIs) purchased shares valued at Rs. 6,642 crore.

HDFC Securities has forecasted a positive trend for the futures market today. For Nifty futures, they have set an intraday target of 23,000 with a stop loss at 22,800. On Monday, Nifty closed at 22,846. For Bank Nifty futures, they recommend buying with a stop loss of 47,800 and an upside target of 48,500. Bank Nifty futures closed at 48,080 on Monday.

The US market experienced its largest single-day decline in history on Monday due to these global pressures. The influence of Deepseek's competition with ChatGPT and Gemini is evident in this downturn.