Business

Indian Stock Market Opens Flat; IT, PSU Banks, Pharma Lead Gains

Indian stock markets opened flat on Thursday, with positive movement seen in the IT, PSU banks, financial services, and pharma sectors, while broader market sentiment remained cautious.

By 9:43 AM, the Sensex was at 77,728.24, up by 37.29 points or 0.05%, while the Nifty stood at 23,562.05, showing a slight gain. Market breadth remained positive, with 1,486 stocks advancing and 803 stocks declining on the National Stock Exchange (NSE).

Among the sectoral indices, Nifty Bank saw a notable rise, reaching 50,385.90, up 297.55 points or 0.59%. The Nifty Midcap 100 index gained 261.95 points, reaching 54,062.80, while the Nifty Small Cap 100 index rose by 114.35 points to 17,573.25, a gain of 0.66%.

Top gainers in the Sensex pack included HCL Tech, Asian Paints, NTPC, IndusInd Bank, SBI, HDFC Bank, and Tech Mahindra. On the flip side, stocks like UltraTech Cement, Power Grid, Axis Bank, Hindustan Unilever, Maruti, and M&M were among the biggest losers.

Experts Warn Market Bounce May Not Sustain Amid Correction Phase

Market experts noted that the stock market was in a phase of correction.

However, they also pointed out that domestic institutional investors (DIIs), with significant liquidity, could support the ongoing market surge, though they cautioned that the gains might not be sustainable.

Experts stated, “Such a bounce back is unlikely to sustain since the fundamental factors are unfavorable. The Trump factor has triggered many profound changes in markets already.”

Further concerns came from the strengthening dollar index, which was at 106.61, and the US 10-year bond yield, currently at 4.48%.

These factors are likely to act as headwinds for emerging markets like India.

Sameet Chavan, Head Research, Technical and Derivative, Angel One asserted, “Midcap and small-cap stocks bore the brunt of the selling pressure, and traders should avoid bottom-fishing in these segments as further sharp declines are likely. With a long weekend ahead, it is advisable to refrain from taking aggressive overnight trading bets.”

In the broader Asian market, except for Seoul and Tokyo, most indices including Jakarta, Shanghai, Bangkok, and Hong Kong were trading in the red.

On the other hand, US stock markets had closed on a positive note during the previous trading session.

Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 2,502 crore on 13 November, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 6,145 crore on the same day.

Also Read: Adani Group To Invest $10 Billion In US Energy & Infrastructure; Vows 15,000 Jobs Creation

Mankrit Kaur

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