Sensex and Nifty Open Higher Amid Fresh Buying After Recent Dip

Sensex and Nifty opened marginally higher on May 14, 2024, extending the positive momentum from the previous session. The indices rose 0.28% and 0.33%, respectively, amid fresh buying after a recent dip caused by various factors.

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Bijay Laxmi
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Sensex and Nifty Open Higher Amid Fresh Buying After Recent Dip

Sensex and Nifty Open Higher Amid Fresh Buying After Recent Dip

Indian stock, price, live, updates indices Sensex and Nifty opened marginally higher on May 14, 2024, extending the positive momentum from the previous session's closing. The Sensex stood at 72,979.48 points, up 203.34 points or 0.28%, while the Nifty was at 22,177.15 points, gaining 73.10 points or 0.33% as of 9:19 am.

The rise in the indices is attributed to fresh buying after a recent dip caused by various factors, including a strong US dollar, uncertainty in Lok Sabha election outcomes, profit booking, and selling by foreign portfolio investors (FPIs). Additionally, lower-than-expected earnings by some article market-moving corporate majors weighed on investor sentiment.

Why this matters: The performance of the Sensex and Nifty has a significant impact on the Indian economy, influencing investor confidence and affecting the overall market sentiment. Any fluctuations in these indices can have far-reaching consequences for businesses, investors, and the general public, making it essential to monitor their movements closely.

FPIs, who were net buyers until mid-April, have cumulatively sold stocks worth Rs 8,671 crore in April and Rs 18,375 crore so far in May, according to data from the National Securities Depository Limited (NSDL).

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, advises investors to "wait and watch for a trend change, which can happen any time." market, updates, may He suggests that "buy on dips would be a good strategy now," as clarity on election trends is likely to come before June 4th, the counting day.

On the previous day, May 13, 2024, the Nifty 50 rose 0.15% and closed at 22,104, while the Sensex was up 0.22%, closing at 72,776. Nifty Pharma, Nifty Healthcare, Nifty Metal, and Nifty Realty ended in the green, while Nifty Auto, Nifty PSU Bank, Nifty Oil and Gas, and Nifty Consumer Durables declined.

The top gainers on May 13, 2024, were ABB India Limited, Siemens, Cipla, and Asian Paints, while the top losers were Tata Motors Limited, Dmart, Zomato, and SRF. Tata Motors Limited and Bank of India were in the news on the same day.

With annual retail inflation easing slightly in April, attention will now shift to wholesale inflation figures, which are due to be released later in the day. The stocks, green, second, day, heavy wholesale inflation data will provide further insights into the overall inflationary trends in the Indian economy.

Key Takeaways

  • Sensex and Nifty opened higher on May 14, 2024, extending positive momentum.
  • Fresh buying and lower-than-expected earnings drove the indices' rise.
  • FPIs sold stocks worth Rs 26,046 crore in April and May, affecting market sentiment.
  • Experts advise "wait and watch" and "buy on dips" strategies amid election uncertainty.
  • Wholesale inflation data, to be released soon, will provide insights into Indian economy.