Market Live Updates Today: Trends on SGX Nifty indicate a positive opening for the index in India with a 50 points gain

The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 50 points gain. The BSE Sensex surged 689.19 points, or 1.43 percent, to 48,782.51 on January 8 while the Nifty50 climbed 209.90 points, or 1.48 percent, to 14,347.30.

According to pivot charts, the key support levels for the Nifty are placed at 14,256.83, followed by 14,166.47. If the index moves up, the key resistance levels to watch out for are 14,402.43 and 14,457.67.

Wall Street scaled new highs on Friday as hopes of more stimulus from Washington were shaken a bit by a senator's comments but later bolstered after U.S. President-elect Joe Biden said his economic package will be in the trillions of dollars.

The Dow Jones Industrial Average rose 56.84 points, or 0.18%, to 31,097.97. The S&P 500 gained 20.89 points, or 0.55%, to 3,824.68 and the Nasdaq Composite added 134.50 points, or 1.03%, to 13,201.98.

The country's foreign exchange reserves surged by $4.483 billion to touch a record high of $585.324 billion in the week ended January 1, RBI data showed on Friday. In the previous week ended December 25, the reserves had declined by $290 million to $580.841 billion.