FIRST TRADE: Indices open higher; Sensex adds 167 points, Nifty nears 23,800 levels

Indian equities after a positive start to the year 2025 extended gains on the second trading session despite weak Asian markets. At the open, the Nifty50 index was up 0.2 per cent or 47.65 points at 23,790.55, while the BSE Sensex gained 0.21 per cent or 167.22 points to 78,674.63.

Sectorally, in a mixed session, FMCG, IT, Pharma, Realty and Consumer Durables stocks traded with weakness, while private bank and financial services stock led followed by the auto pack.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Leading indicators available so far  do not indicate a pick up in economic growth. GST collections for December have declined 2.97% MoM indicating continuation of the slowdown. Therefore, Q3 corporate earnings are unlikely to register a rebound."

This means investors have to focus on segments which will buck the slowdown like IT, pharma and to some extent financials. Luxury consumption like hotels, jewellery and aviation also are likely to post good results, he added.

Technicals 

Akshay Chinchalkar, Head of Research, Axis Securities said, "The Nifty advanced for a second day yesterday on better breadth but we have to take into account that this is a low liquidity period, so price moves in both directions can be exaggerated. That said, there is a very large cluster of resistance between 23876 and 23970 should the rebound continue - this is also where the 200-dma sits."

Short-term support has now moved higher into the 23545 - 23640 area, with a downside extension at 23460. The regime though for now, is one of weakness unless bulls are able to reclaim 24150 on a closing basis, he added.

Asian markets

Most Asian markets traded lower in today's session tracking subdued year-end show on the Wall Street. The key MSCI Asia ex Japan index was down 0.53 per cent at 566.76.