Business

Indian Stock Market Opens Flat Amid Heavy Selling In FMCG Sector

The Indian stock market opened flat on Monday, with heavy selling in the Nifty FMCG sector during early trade. By 9:27 am, the Sensex was trading at 81,748.46, gaining 39.34 points or 0.05 percent, while the Nifty rose 18.30 points or 0.07 percent, reaching 24,696.10. Despite early volatility, the overall market trend remained positive.

Market Sentiment And Trends

On the National Stock Exchange (NSE), 1,450 stocks were trading in the green, indicating positive momentum, while 498 stocks were in the red. Market experts noted that the near-term market trend remains mildly bullish.

Also Read: Kerala Willing To Discuss New Adani Projects, Prioritizes Eco-Friendly Growth

According to experts, the recent rally, which has driven the Nifty up by 3.2 percent in the past fortnight, has been led by strong performance from leading banks, which are still considered fairly valued and have the potential to continue driving the market upward.

FIIs Return, Boosting Large-Cap Stocks

Another positive factor driving market sentiment is the return of Foreign Institutional Investors (FIIs). Experts believe their renewed interest is favorable for large-cap stocks. The ongoing rally is expected to push the Nifty Bank index to new record highs, which could further lift the broader Nifty index.

Index Performance And Sectoral Updates

At 9:27 am, the Nifty Bank index was up by 23.45 points or 0.04 percent, trading at 53,532.95. The Nifty Midcap 100 index gained 120.05 points or 0.20 percent, reaching 58,824.65, while the Nifty Smallcap 100 index rose by 51.50 points or 0.26 percent, to 19,543.60.

Market Experts Discuss Volatility And Resistance Levels

Akshay Chinchalkar from Axis Securities noted that the Nifty’s drop on Friday represented an “inside day,” indicating a period of volatility compression. He suggested that, given the cyclical nature of volatility, the market is likely to see a trending move soon.

Chinchalkar also mentioned that the Nifty faces resistance around the 50-day and 100-day moving averages, as well as an Ichimoku hurdle in the 24,800-24,900 range.

Top Gainers And Losers In Sensex

Among the top gainers in the Sensex pack were L&T, Tech Mahindra, NTPC, Bajaj Finance, JSW Steel, HDFC Bank, Sun Pharma, and Adani Ports. On the other hand, Hindustan Unilever Limited, Infosys, M&M, Axis Bank, and UltraTech Cement were among the top losers.

Global Market Performance

In Asian markets, Jakarta and Japan were trading in the green, while China, Hong Kong, Seoul, and Bangkok were in the red. In the US, the S&P 500 and Nasdaq ended 0.25 percent and 0.81 percent higher, respectively, while the Dow Jones Industrial Average closed 0.28 percent lower.

Foreign And Domestic Investment Trends

Foreign Institutional Investors (FIIs) sold equities worth Rs 1,830.31 crore on December 6, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 1,659.06 crore on the same day, highlighting a shift in investment activity.

Richa Kaushik

Recent Posts

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

10 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

10 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

10 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

10 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

13 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

14 hours ago