The Indian stock market continued its flat trajectory on Wednesday, with early selling seen in Nifty’s financial service and private bank sectors.
At 9:27 am, the Sensex stood at 81,515.06, gaining 5.01 points or 0.01%. Meanwhile, the Nifty was trading at 24,623.8, up by 13.75 points or 0.06%.
The market sentiment remained positive, with 1,634 stocks advancing and 565 declining on the National Stock Exchange (NSE). Experts believe the Nifty is in a consolidation phase, with a mild upward bias in the short term.
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A key factor boosting the market is the return of Foreign Institutional Investors (FIIs), which has strengthened large-cap stocks, especially in the banking and IT sectors.
The Nifty Bank index dropped 122.45 points, or 0.23%, to 53,455.25. The Nifty Midcap 100 index fell by 5.45 points to 59,129.95, while the Nifty Smallcap 100 index rose 53.45 points to 19,636.65.
Akshay Chinchalkar from Axis Securities noted that the Nifty ended lower for a third consecutive day, but a late-session rebound showed demand near the 24,500 mark. This level, he added, previously acted as resistance but is now seen as a “polarity” zone.
Among the Sensex stocks, UltraTech Cement, Nestle, Infosys, Maruti, Adani Ports, Tata Motors, Asian Paints, Sun Pharma, and L&T were the top gainers. In contrast, ICICI Bank, HCL Tech, Tech Mahindra, Hindustan Unilever, HDFC Bank, and Kotak Mahindra Bank saw losses.
In the Asian markets, Hong Kong and Japan were in the red, while Jakarta, Bangkok, China, and Seoul traded higher. The US markets ended the previous session in the red.
On December 10, FIIs purchased equities worth Rs 1,285.96 crore, while Domestic Institutional Investors (DIIs) bought shares worth Rs 605.79 crore.