Market Recovers from China HMPV Virus Scare; Big Rally in ONGC, ITC, HCL, Titan Shares

After Monday's strong sell-off, the domestic stock market opened positively on Tuesday, January 7. The Sensex was trading at around 78,211, up 250 points, while the Nifty rose by 100 points to trade at 23,720. The Bank Nifty also experienced gains, trading at 50,086, up 164 points. The Nifty Midcap 100 rose nearly 300 points as well. Consumer durables and oil and gas stocks were among the gainers, with metal, IT, FMCG, and PSU bank indices also showing upward trends. Almost all indices were trading in the green zone.

Notable stocks on the Nifty included ONGC, ITC, BPCL, Titan, IndusInd Bank, and Tata Steel, which all saw increases. However, Apollo Hospitals, which had been the top gainer the previous day, experienced a decline. The Sensex opened at 78,019, up 55 points from the previous close, while the Nifty rose 63 points to 23,679, and the Bank Nifty increased by 139 points to 50,061.

There were some encouraging signs from the global market today. Following a significant sell-off on Monday, the market was expected to stabilize somewhat. Despite yesterday's steep decline, foreign institutional investors (FIIs) sold less than Rs 4,500 crore in cash, index, and share futures, while domestic funds made significant purchases worth Rs 5,750 crore. However, mixed signals emerged during pre-opening, with the Nifty trading at 23,808, up 87 points.

Yesterday's market panic was triggered by the detection of HMPV virus patients in the country, with six cases reported so far. Health Minister JP Nadda reassured the public that HMPV is not a new virus and that the government is closely monitoring the situation.

In global market updates, US markets displayed a mixed trend. The Nasdaq rose by 250 points for the second consecutive day, while the Dow fell by 400 points, closing 25 points below its high. Dow futures remained flat in the morning. The Nikkei jumped nearly 700 points. After five straight days of gains, crude oil prices declined to just above $76, while gold fell below $2,650, and silver rose by one percent.