Stock Market Updates: Sensex Opens Flat, Nifty50 Above 18,100; Key Points

Sensex Today: Equity markets opened on a muted note on Monday, the first trading day of the calendar year 2023, as overseas investors remain in the holiday mood. Markets in Japan, China, Hong Kong, Taiwan, the US, and the UK are shut today.

The S&P BSE Sensex was up 87 points, or 0.14 per cent, in early deals at 60,928 levels, while the Nifty50 was at 18,144, up 39 points or 0.21 per cent.

In the broader markets, the BSE MidCap and Smallcap indices gained 0.3 per cent and 0.4 per cent, respectively.

The markets received support from stocks in the metal, and financial segments, while pharma pack weighed.

Individually, shares of Tata Motors added 1 per cent after the company reported 10 per cent YoY increase in domestic December sales at 72,997 units as against 66,307 units sold last year.

Those of Ashok Leyland, meanwhile, zoomed 1.6 per cent as the company’s domestic sales zoomed 49 per cent YoY to 1,112 units.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “There are mixed signals from the economy and markets as trading begins for the New Year. Robust GST collections at Rs 1.49 trillion indicate resilience of the economy and surveys among CEOs reveal that many companies are upbeat about hiring and capex in 2023. This augurs well for India’s economic outperformance again in 2023 and this can lead to market outperformance, too. However, since valuations continue to be high, there can be selling pressure particularly from FIIs, in the early days of 2023. Rising bond yield in the US (the 10-year yield is at 3.88 %) is negative. Investors should focus on beating the market in 2023. Market-beating returns can come from banking, capital goods and construction-related sectors.”

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