The domestic benchmark indices opened flat on Thursday as selling pressure weighed on sectors like PSU banks, pharma, FMCG, realty, media, energy, and metals on the Nifty.
At 9:31 am, Sensex traded at 78,573.16, up by 65.75 points or 0.08%, while Nifty stood at 23,766.05, gaining 23.15 points or 0.10%. The market sentiment remained positive with 1,366 stocks in green and 529 in red on the National Stock Exchange (NSE).
Market experts indicated that Q3 corporate earnings are unlikely to show a significant rebound. They advised investors to focus on sectors that could withstand the slowdown.
Sectorally, Nifty Auto, IT, financial services, and private banks saw buying interest. However, selling persisted in PSU banks and metals. Nifty Bank gained 21 points or 0.04% to trade at 51,081.60. The Nifty Midcap 100 index rose by 20.45 points to 57,471.35, while the Nifty Smallcap 100 index climbed 2.15 points to 18,961.95.
In the Sensex pack, Bajaj Finance, Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, UltraTech Cement, and Maruti Suzuki were top gainers. Meanwhile, NTPC, HDFC Bank, Asian Paints, Bharti Airtel, and ITC led the losers.
In global markets, the Dow Jones dropped 0.07% to close at 42,544.22. The S&P 500 and Nasdaq also declined by 0.43% and 0.90%, respectively. Asian markets showed mixed trends, with Jakarta in green while Hong Kong, China, Bangkok, and Seoul traded in red.
Experts highlighted that strong US dollar and attractive bond yields might prompt Foreign Institutional Investors (FIIs) to continue selling in emerging markets. On January 1, FIIs sold equities worth ₹1,782.71 crore, while Domestic Institutional Investors (DIIs) purchased equities worth ₹1,690.37 crore.
“DII buying may provide support at lower levels, but significant market gains require growth and earnings recovery,” experts noted.
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