The Indian stock market opened on a high note on Friday amid mixed global cues as buying was seen in the auto, PSU bank, financial service pharma, FMCG and metal sectors on Nifty. At around 9:30 am, Sensex was trading at 78,810.40 after gaining 337.92 points or 0.43 per cent, while the Nifty was trading at 23,859 after gaining 108.80 points or 0.46 per cent.

The market trend remained positive. On the National Stock Exchange (NSE), 1,400 stocks were trading in green, while 503 stocks were in red. According to experts, “as the nation pays homage to Manmohan Singh, the architect of liberalisation in India, investors must be acknowledging with gratitude the wealth created by the Indian stock market after the initiation of liberalisation in 1991.”

Sensex which was around 1,000 in 1991 has multiplied about 780 times since then to trade above 78,000 now delivering excellent returns to long-term investors. “The market will continue to deliver superior returns to investors in the years to come since the India Growth Story, which liberalisation triggered, is very much intact,” they noted.

Nifty Bank was up 223.25 points or 0.44 per cent at 51,393.95. Nifty Midcap 100 index was trading at 57,308.60 after rising 182.90 points or 0.32 per cent. Nifty Smallcap 100 index was at 18,809.45 after rising 80.80 points or 0.43 per cent. On the sectoral front, selling was seen in the IT sector.

In the Sensex pack, Indusind Bank, Tata Motors, Zomato, NTPC, ICICI Bank, Tech Mahindra, SBI and M&M were the top gainers. Whereas, HCL Tech, Titan, TCS, L&T and Sun Pharma were the top losers. The Dow Jones gained 0.07 per cent to close at 43,325.80. The S&P 500 declined 0.04 per cent to 6,037.60 and the Nasdaq declined 0.05 per cent to close at 20,020.36 in the previous trading session.

In the Asian markets, China and Japan were trading in green while Jakarta, Bangkok, Seoul and Hong Kong were trading in red. “The strongest headwind for the market now is the FII selling triggered by strong dollar (dollar index staying above 108) and attractive US bond yields with the 10-year yielding 4.35 per cent,” said experts.

“A change in FII strategy from selling to buying will happen when macros indicate recovery in growth and corporate earnings,” they added. Foreign institutional investors (FIIs) sold equities worth Rs 2,376.67crore on December 26, while domestic institutional investors bought equities worth Rs 3,336.16 crore on the same day.

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