The Indian stock market opened on a flat note on Thursday, with early trade showing gains in the real estate sector.
By 09:39 AM, the Sensex was trading at 80,194.06, down by 40.02 points or 0.05%, while the Nifty was at 24,277.25, showing a marginal rise of 2.35 points or 0.01%.
The market overall exhibited a positive trend, with a majority of stocks in the green. On the National Stock Exchange (NSE), 1,792 stocks were gaining, while 464 were in the red.
Nifty Bank rose by 224.35 points, or 0.43%, to 52,526.15. The Nifty Midcap 100 index gained 381.35 points, or 0.68%, reaching 56,653.70. The Nifty Smallcap 100 index climbed 165.30 points, or 0.89%, to 18,668.15.
Market expert Akshay Chinchalkar from Axis Securities stated, “Nifty has traced a bullish pattern within a three-day range spanning the 24,125-24,350 area. This is a very rare occurrence as each of the three candles has a similar high-to-low range, with the pattern becoming especially important post the Monday gap-up.”
“The immediate hurdle to monitor is 24,360, above which the next resistance sits around 24,540. Critical support lies at 24,120, with bears gaining the upper hand only on a daily close below 23,956,” he further added.
In the Sensex pack, the top gainers included Hindustan Unilever, ITC, HDFC Bank, IndusInd Bank, Tata Motors, Tata Steel, Nestle India, and Adani Ports. On the other hand, stocks like Infosys, Tech Mahindra, HCL Tech, Power Grid, TCS, M&M, and Bajaj Finance were among the top losers.
Asian markets showed a mixed performance, with Seoul and Japan trading in the green, while markets in China, Hong Kong, Bangkok, and Jakarta were in the red. U.S. stock markets closed lower in the previous session.
On the institutional front, foreign institutional investors (FIIs) purchased equities worth Rs 7.78 crore on 27 November, while domestic institutional investors (DIIs) made net purchases of Rs 1,301.97 crore on the same day.
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