Mumbai: The Indian stock market opened flat on Wednesday as buying was seen in the IT, financial services, FMCG and metal sectors in the early trade.
Sensex opened at 80,151.67, falling 69.05 points or 0.09 percent, while Nifty opened at 24,437.70, sliding 34.40 points or 0.14 percent.
The market trend remained mixed, with 1,126 stocks trading in green and 1,170 stocks trading in red on the National Stock Exchange (NSE). This mixed trend underscores the market’s unpredictability and the need for caution in investment decisions.
The Nifty Bank was at 51,313.05 after rising 56.50 points or 0.11 percent. The Nifty Midcap 100 index was trading at 50,087.10 after slipping 86.95 points or 0.15 percent. At the same time, the Nifty Smallcap 100 index was at 18,021.05 after slipping 39.95 points or 0.22 percent.
Bajaj Finance, Bajaj Finserv, HDFC Bank, Nestle India, Tech Mahindra and TCS were the top gainers in the Sensex pack. At the same time, NTPC, Power Grid, M&M, Tata Motors and the SBI were the top losers.
In Asian markets, Shanghai and Hong Kong were trading in the green. At the same time, Jakarta, Japan, and Bangkok were trading in the red. The US stock markets closed in the red on the last trading day.
According to market experts, “The ongoing trend of large caps outperforming mid- and small-caps is likely to sustain going forward. FII selling and the countervailing trend of domestic institutional investors (DII) buying are likely to continue.”
Market experts also pointed out that the outcome of the US presidential elections could have a significant impact on the Indian stock market in the coming days, a factor that investors should keep a close eye on.
On Tuesday, the Indian markets saw some buying at the start of the session but failed to sustain the gains, extending selling pressure and closing on a negative note for the second consecutive day.
Looking ahead, market experts strongly recommend a ‘sell on rise’ strategy. They suggest that the 24,650 – 24,850 range could be a potential selling zone, as long as the index remains below 25,000. This advice is aimed at guiding investors in their future investment decisions.
–IANS
