Mumbai: The Indian stock market opened flat on Friday as buying was seen in the auto, IT, financial services and PSU Bank sectors.
Axis Bank and ITC were among the top gainers at Nifty.
The Sensex was trading at 80,139.30 after gaining 74.14 points, or 0.09 percent. At the same time, the Nifty opened trading at 24,418.05 after climbing 18.65 points, or 0.08 percent.
ITC, Axis Bank, Asian Paints, HCL Tech, Sun Pharma, Nestle India, and ICICI Bank were the top gainers in the Sensex pack. IndusInd Bank, NTPC, Mahindra & Mahindra, JSW Steel, Tata Steel, and L&T were the top losers.
ITC, Axis Bank, HCL Tech, Britannia, Asian Paints, Nestle India and Sun Pharma were the top gainers in the Nifty pack. IndusInd Bank, NTPC, Coal India, Shriram Finance and Mahindra & Mahindra were the top losers.
The market trend remained mixed. On the National Stock Exchange (NSE), 890 stocks were trading in the green, while 1084 stocks were trading in the red.
The Nifty Bank was at 51,440.40 after slipping 90.75 points or 0.18 percent. The Nifty Midcap 100 index was trading at 56,216.90 after slipping 132.85 points or 0.24 percent. The Nifty Small Cap 100 index was at 18,292.35 after rising 43.20 points or 0.24 percent.
In Asian markets, except Tokyo, the stock markets of Bangkok, Shanghai, Hong Kong, Jakarta, and Seoul are traded in green. The US stock market closed in the red on the last trading day.
According to market experts, the massive, sustained, and unprecedented selling by the FIIs, which has touched Rs 98,085 crore this month up to October 24, suggests that the “buy on dips strategy is not working.”
They said the consensus downward revision in the FY25 earnings estimate and the weak Q2 numbers have soured the sentiments to a slightly bearish mode.
“The positive factor is the sustained flows into mutual funds that are helping DIIs absorb the massive FII selling,” according to experts.
On October 24, foreign institutional investors (FIIs) sold equities worth Rs 5,062 crore, while domestic institutional investors bought equities worth Rs 3,620 crore on the same day.
–IANS
