The Indian stock market opened on a cautious note on Tuesday, as early trading witnessed a mixed performance across sectors.
While key indices remained relatively flat, select sectors such as real estate, media, IT, public sector banks, financial services, and pharmaceuticals saw some buying interest.
The BSE Sensex was up by 88.14 points or 0.11%, trading at 79,584.29, while the NSE Nifty rose 31.65 points or 0.13%, reaching 24,172.95.
Despite the modest uptick, the broader market sentiment remained positive, with 1,525 stocks advancing and 651 stocks declining on the National Stock Exchange (NSE).
Among sectoral indices, the Nifty Bank index recorded a slight increase, gaining 56.85 points or 0.11%, settling at 52,933.60.
The Nifty Midcap 100 index gained 376.35 points, or 0.67%, to reach 56,230.10, while the Nifty Smallcap 100 index surged by 127.40 points, or 0.70%, to 18,352.55.
Bharti Airtel, ICICI Bank, Tata Steel, Sun Pharma, Axis Bank, HCL Tech, Power Grid, Tata Motors, and Infosys led the gains in the Sensex pack, while Asian Paints, M&M, HDFC Bank, Maruti, Nestle India, and IndusInd Bank saw the most losses.
On the other hand, ICICI Bank, Infosys, Bajaj Finserv, Bajaj Finance, Tech Mahindra, Maruti, Sun Pharma, and Axis Bank were the top gainers, while Titan, Tata Steel, Hindustan Unilever, Kotak Mahindra Bank, Tata Motors, and SBI were among the biggest losers.
Experts Cite FII Selling & DII Buying Key Factors Driving Market Consolidation
Market experts suggest that two key factors are driving the current market consolidation.
“One, the relentless selling by FIIs has been favouring the bears and pulling the market down. Two, the sustained buying by DIIs has been supporting the market preventing a crash in the market,” experts stated.
Akshay Chinchalkar, Head of Research at Axis Securities, noted that the Nifty is stuck in a narrow range between resistance at 24,360 and support at 24,000, reflecting the market’s volatility since the October 25 lows around 24,073, without a clear trend in either direction.
Overseas market trends also played a role in shaping investor sentiment.
Asian markets were largely in the red, with major indices in Shanghai, Tokyo, Seoul, Bangkok, and Hong Kong all showing losses in early trade.
However, the US stock markets closed at record highs on Monday, driven by optimism surrounding President-elect Donald Trump’s fiscal policies, which are likely to benefit certain sectors.
Earlier on 11 November, foreign institutional investors (FIIs) offloaded equities valued at Rs 2,306 crore, while domestic institutional investors (DIIs) purchased equities worth Rs 2,026 crore.
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