The Indian stock market opened on a positive note on Tuesday, with significant gains in media and realty stocks driving the overall market performance. The Nifty Media and Realty indices rose by more than 2%, reflecting strong investor interest in these sectors.
Sensex and Nifty Make Solid Gains
By 9:40 am, the Sensex had gained 766.58 points, or 0.99%, reaching 78,105.59, while the Nifty was up 236.50 points, or 1.01%, at 23,690.3. This positive market trend was supported by broad-based buying activity across the National Stock Exchange (NSE), where 2,022 stocks were trading in the green, compared to just 248 stocks in the red.
Sectoral Performance: Banks and Midcaps in the Green
Among the key indices, Nifty Bank rose by 144.25 points, or 0.29%, to reach 50,508.05. The Nifty Midcap 100 index gained 523.70 points, or 0.97%, trading at 54,568.50, while the Nifty Smallcap 100 index saw a more substantial rise of 238.15 points, or 1.36%, reaching 17,745.40.
Top Gainers and Losers
In the Sensex pack, stocks such as NTPC, Tata Motors, M&M, Adani Ports, Infosys, Power Grid, UltraTech Cement, Tech Mahindra, TCS, Maruti, Titan, and HDFC Bank emerged as the top gainers. On the other hand, Kotak Mahindra Bank, Sun Pharma, and Bajaj Finserv were among the notable losers for the day.
Experts Caution on Long-Term Market Outlook
While the market showed positive movement on Tuesday, market experts caution against expecting a sharp recovery. They noted that the momentum that propelled the market to record highs in September appears to have faded.
Also Read: Sensex, Nifty Close Lower Amid Selling In IT And Pharma Sectors
“An important takeaway from the recent market trend is that a quick and sharp recovery is not in sight,” one analyst said. “The momentum that drove the market to its peak of 26,216 in September is now gone.”
Experts pointed out that any recoveries observed in the short term are unlikely to be sustained, given the ongoing selling pressure from Foreign Institutional Investors (FIIs) and concerns over weak earnings growth expected in FY25. At best, the market is expected to consolidate around current levels with sideways movement.
Asian Markets Show Mixed Performance
In global markets, most Asian indices were in the green, with notable gains in Jakarta, Tokyo, Seoul, Bangkok, and Hong Kong. However, the Shanghai index bucked the trend and traded in the red. Meanwhile, US stock markets closed lower in the previous trading session, contributing to a mixed global outlook.
FII and DII Activity
Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 15,659 crore on November 18. In contrast, Domestic Institutional Investors (DIIs) remained active buyers, purchasing equities worth Rs 9,190 crore on the same day. This divergence in market participation suggests a cautious sentiment among foreign investors while domestic investors continue to show confidence in the market.
