Bulls dominated the Indian stock markets on the very first session of the year 2023 as the benchmark indices - Sensex and Nifty - closed on a positive note.
The graph of benchmark indices - Sensex and Nifty - in 2022 shows at least four major ups and downs with varying intervals with the first being during the initial days of the war in Ukraine.
Some of the major concerns facing the equity markets are tightening monetary policy by various central banks to contain inflation, recessionary fears and high stock valuations.
BSE 30-share Sensex surged 110 points to 61,244 while NSE Nifty50 went up 30 points to 18,221.30 level at 9.20 am in the morning. Asian stocks were trading in the green on Friday morning as Europe's key indices and US markets settled with gains in Thursday sessions.
Indian stock indices traded higher during Tuesday's session and remained in the green for the second straight day. The benchmark stock indices - Sensex and Nifty - had witnessed losses for four days last week.
Indian stock indices settled lower on Thursday, extending losses for the third straight session over concerns of a possible resurgence of Covid cases in several countries.
Sensex closed at 61,702.29 points, down 103.90 points or 0.17 per cent, whereas Nifty closed at 18,385.30 points, down 35.15 points or 0.19 per cent. Sensex and Nifty's intraday low was 61,102 points and 18,202 points respectively.
At 9.20 am, Sensex traded at 63,109.24 points, down 174.95 points or 0.28 per cent, whereas Nifty traded at 18,762.50 points, down 50.00 points or 0.27 per cent.
Robust foreign fund inflows into Indian equities, the appreciating Rupee, and hints by the US central bank about the moderating rate of interest hikes supported investors' sentiment.