Indian equity market opened flat with buying in IT, financial services, FMCG and metal sectors during early trade Wednesday. The BSE Sensex opened at 80,151.67 with a fall of 69.05 points or 0.09%, while the Nifty opened at 24,437.70, which marked a fall of 34.40 points or 0.14%.
The market trend remained mixed. There was a fluctuation in the National Stock Exchange where 1,126 stocks traded positively, while 1,170 traded negatively.
Nifty Bank stood at 51,313.05 and rose by 56.50 points or 0.11 percent. The Nifty Midcap 100 index traded at 50,087.10 after a fall of 86.95 points or 0.15 percent. The Nifty Smallcap 100 index stood at 18,021.05 with a fall of 39.95 points or 0.22 percent.
Of the Sensex pack, big contributors to gains were seen in Bajaj Finance (NS:BJFN), Bajaj Finserv (NS:BJFS), HDFC Bank (NS:HDBK), Nestle (NS:NEST) India, Tech Mahindra (NS:TEML), and TCS (NS:TCS). NTPC (NS:NTPC), Power Grid (NS:PGRD), M&M (NS:MAHM), Tata Motors (NS:TAMO), and SBI (NS:SBI) were among the losers of the Sensex pack.
Asian markets, though, were greenish in Shanghai and Hong Kong, while Jakarta, Japan, and Bangkok markets are in red. The US stock markets closed in the red yesterday on the last trading day.
The trend of large caps outperforming mid and smallcaps is likely to continue, going forward. FII selling and the countervailing trend of domestic institutional investors (DII) buying is likely to continue," they said. The US presidential elections and its possible impact on the market will be widely watched in coming days, they added.
The Indian markets did some amount of buying in the early going today but were not able to sustain the gains, thereby continuing selling pressure and closing on a dismal note for the second consecutive day.
Going ahead, a "sell on rise" strategy is advisable, considering the range of 24,650 - 24,850 as a selling zone, as long as the index stays below 25,000," said experts.
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