The Indian stock market began Thursday’s session with minimal movement, as investors cautiously navigated through early trading.
The Sensex saw a modest increase, climbing 112.95 points, or 0.14%, to settle at 80,194.93. Meanwhile, the Nifty index rose by 29.80 points, or 0.12%, reaching 24,465.30.
The market’s direction appeared mixed, reflecting a diverse range of trading activity. On the National Stock Exchange (NSE), 679 stocks registered gains, while 854 stocks faced declines, indicating a cautious sentiment among investors.
Among the sector-specific indices, the Nifty Bank demonstrated a positive trajectory, climbing to 51,456.95 with an increase of 217.95 points, or 0.43%.
Conversely, the Nifty Midcap 100 index experienced a slight setback, falling 79.15 points, or 0.14%, to trade at 56,454.40. In contrast, the Nifty Smallcap 100 index showed resilience, rising 31.75 points, or 0.17%, to reach 18,317.95.
Notable gainers within the Sensex included HDFC Bank, Sun Pharma, HCL Tech, Tata Motors, BEL, and Adani Ports. On the flip side, Hindalco, Hindustan Unilever, SBI Life, and Nestle India faced declines, reflecting the mixed sentiment across sectors.
In regional markets, trading was bearish with stocks in Shanghai, Hong Kong, and Jakarta all dipping, alongside declines in Japan and Bangkok. This downturn followed a lackluster performance on Wall Street the previous day, with US markets closing in the red.
Foreign institutional investors (FIIs) complicated market dynamics by selling equities valued at Rs 5,684 crore on 23 October.
In contrast, domestic institutional investors (DIIs) remained active, purchasing equities worth Rs 6,039 crore on the same day.
Analysts are pointing to substantial FII selling as a significant concern for the market, which has totaled Rs 93,088 crore in outflows through 23 October, according to NSDL data.
Experts suggest that the primary driver behind these outflows is the high valuation levels in India compared to more attractively priced markets in China and Hong Kong.
As traders continue to evaluate market conditions, eyes remain on global economic indicators and investor sentiment that could influence the trading landscape in the days ahead.
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