The Indian stock market opened on a cautious note on Tuesday as investors focused on the high-stakes US presidential election. Despite minor losses in early trade, gains in sectors like metal, auto, IT, PSU banks, and pharmaceuticals helped keep the overall trend positive.
The Sensex slipped slightly by 68.22 points, or 0.09%, to trade at 78,714.02, while the Nifty edged down 5.85 points, or 0.02%, to 23,989.50. Of the stocks listed on the National Stock Exchange (NSE), 1,409 were trading in the green, while 840 remained in the red.
The Nifty Bank index recorded a small dip of 91.55 points, or 0.18%, at 51,123.70. The Nifty Midcap 100 was at 55,720.55, down 64 points, or 0.11%, and the Nifty Small Cap 100 saw a decline of 46 points, or 0.25%, to trade at 18,378.65.
Top losers in the Sensex included ITC, L&T, Infosys, HDFC Bank, Bharti Airtel, Reliance, Bajaj Finance, and Power Grid, while notable gainers included JSW Steel, Tata Steel, Sun Pharma, HCL Tech, Tata Motors, and IndusInd Bank.
Also Read: Market Volatility: Sensex Drops Over 900 Points Amid US Election Uncertainty
Domestic Issues Overshadowed Amid Attention On US election: Market Experts
Market experts highlighted that despite the global attention on the US election, significant domestic economic issues in India are being overshadowed. They pointed to India’s relative underperformance, noting that while the S&P 500 has risen 20.45% year-to-date, the Nifty index is up by only 10.36%, reflecting persistent domestic challenges.
Elsewhere in Asia, most markets were trading in positive territory, including those in Shanghai, Hong Kong, Tokyo, and Bangkok, with the exceptions of Seoul and Jakarta. US markets, however, closed in the red the previous day, adding to the uncertainty as American voters head to the polls to decide between key election issues, with Kamala Harris focusing on social issues like abortion and character, while Donald Trump prioritizes immigration and the economy.
Meanwhile, foreign institutional investors (FIIs) sold equities worth Rs 4,329 crore on November 4, as domestic institutional investors (DIIs) stepped in to buy stocks worth Rs 2,936 crore.
Analysts advised investors to consider a conservative approach, emphasizing investments in sectors that demonstrate resilience to volatility.
