Stock Market: Indian stock market opened in green, IT and metal stocks gave strength to the market.

Mumbai, 22 December. The Indian stock market opened in the green on Monday, the first trading day of the week, amid mixed signals from the global market. During this period, the 30-share BSE Sensex opened at 85,145.90, jumping more than 350 points, while the NSE Nifty also opened with a strong rise at 26,055.85 level. Till the time of writing the news in early trade, Sensex was trading at 85,338 level with a rise of 410 points or 0.48 percent, while Nifty was trading at 26,115 level with a rise of 144.45 points (0.56 percent).

Meanwhile, all the indices from Nifty were seen trading in the green. IT and metal stocks strengthened the market. Shares of Infosys, Tech Mahindra, Tata Steel, BEL, Adani Ports, HCL Tech, Sun Pharma and Maruti Suzuki rose up to 3 percent in early trade.

On the other hand, there was a decline in the shares of UltraTech Cement, Power Grid and M&M. Sector wise, Nifty IT registered a gain of more than 1 percent. At the same time, good growth was also recorded in indices like Nifty Bank, Nifty FMCG. In the broader market, the Nifty Midcap index rose 0.53 per cent, while the Nifty Smallcap index gained 0.59 per cent.

The rupee rose 22 paise to 89.45 against the US dollar in early trade. Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the market seems to be heading towards a rally towards the end of the year. The sharp fall in the rupee and buying by foreign investors (FIIs) in the cash market are the two main factors that have accelerated the pace.

He said both these factors reinforce each other and could trigger short covering in the market, which could push the benchmark index to new highs. The domestic economic situation which is perfect and the possibility of earnings growth can support this rally. However, higher valuations will keep the bullish momentum in check and keep the rally under control.