The Indian stock market opened flat on Wednesday, with buying activity noted in the IT, financial services, FMCG, and metal sectors.
The Sensex began at 80,151.67, down 69.05 points or 0.09%, while the Nifty opened at 24,437.70, slipping 34.40 points or 0.14%.
Market trends appeared mixed. On the National Stock Exchange (NSE), 1,126 stocks were in the green, while 1,170 stocks traded in the red. The Nifty Bank index rose to 51,313.05, gaining 56.50 points or 0.11%. However, the Nifty Midcap 100 index fell to 50,087.10, down 86.95 points or 0.15%. Similarly, the Nifty Smallcap 100 index slipped to 18,021.05, a decline of 39.95 points or 0.22%.
Top gainers in the Sensex included Bajaj Finance, Bajaj Finserv, HDFC Bank, Nestle India, Tech Mahindra, and TCS. In contrast, NTPC, Power Grid, Mahindra & Mahindra, Tata Motors, and SBI were among the top losers.
In the Asian markets, Shanghai and Hong Kong traded in positive territory, while Jakarta, Japan, and Bangkok faced losses. The US stock markets closed lower on the previous trading day.
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Market experts suggest that the trend of large caps outperforming mid and small caps is likely to continue. They noted that foreign institutional investor (FII) selling, alongside domestic institutional investor (DII) buying, is expected to persist.
Looking ahead, market participants are keenly awaiting the outcome of the US presidential elections and its potential impact on global markets.
On Tuesday, Indian markets experienced early buying but could not sustain gains, leading to a negative close for the second consecutive day.
Experts recommend a “sell on rise” strategy, identifying the 24,650 – 24,850 range as a potential selling zone as long as the index remains below 25,000.
