The Indian stock market opened flat on Friday as the hawkish stance from the US Federal Reserve started to fade. Buying was observed in the auto, media, and energy sectors, driving Nifty performance. Experts noted that the negative reaction to the US Fed’s recent comments would not last long, with a large-cap-led recovery expected soon.
At 9:32 am, Sensex was at 79,122.61, down by 95.44 points or 0.12%, while Nifty stood at 23,932.10, losing 19.60 points or 0.08%. Despite these minor declines, the overall market trend remained positive. On the National Stock Exchange (NSE), 992 stocks were in green, while 694 stocks were in red.
Nifty Bank fell by 0.30% to 51,422.60. Meanwhile, the Nifty Midcap 100 index gained 0.35%, reaching 58,763.70. The Nifty Smallcap 100 index rose by 0.49% to 19,227.60.
In terms of sector performance, selling pressure was seen in the PSU Bank, Financial Services, FMCG, and Metal sectors. Among the biggest losers in the Sensex pack were Axis Bank, ITC, JSW Steel, Power Grid, M&M, UltraTech Cement, and L&T. The top gainers included TCS, Infosys, Tata Motors, Bharti Airtel, HCL Tech, Tech Mahindra, and Kotak Mahindra Bank.
Experts observed a reversal in the foreign institutional investors’ (FII) buying from early December. This week, FII selling reached Rs 12,229 crore, putting pressure on large-cap stocks, particularly in the financial sector.
This shift in FII strategy is reflected in the market, but analysts believe it is unlikely to sustain. Retail investors are advised to go against the FII trend, as quality large-caps are expected to bounce back. On December 19, FIIs sold equities worth Rs 4,224.92 crore, while domestic institutional investors bought equities worth Rs 3,943.24 crore.
In global markets, the Dow Jones gained 0.04%, while the S&P 500 and Nasdaq both saw slight declines. Asian markets were mixed, with Hong Kong, China, and Japan in the green, while Jakarta, Bangkok, and Seoul were in the red.
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