The Indian benchmark indices opened flat on Friday, with selling seen in the auto, PSU bank, media, oil and gas sectors after the US Fed's second successive rate cut. Sensex was trading at 79,522.39 after slipping 19.40 points or 0.02 per cent. Meanwhile, Nifty was trading at 24,179.85 after slipping 19.50 points or 0.08 percent.
The market trend remained in red. On NSE, as many as 746 stocks traded in the green zone, whereas 1463 traded in the red zone.
Nifty Bank traded at 51,897.05 after falling by 19.45 points or 0.04 per cent. The Nifty Midcap 100 traded at 57,116.50 after increasing by 7.35 points or 0.01 per cent. The Nifty Smallcap 100 traded at 18,749.75 after it fell by 14.10 points or 0.08 per cent.
Tata Motors (NS:TAMO), Reliance (NS:RELI), ICICI Bank (NS:ICBK), Asian Paints (NS:ASPN), Maruti (NS:MRTI) and NTPC (NS:NTPC) composed the worst performers in Sensex. Infosys (NS:INFY), Tech Mahindra (NS:TEML), HDFC Bank (NS:HDBK), HCL Tech (NS:HCLT), Titan (NS:TITN) and Kotak Mahindra Bank (NS:KTKM) composed the highest gainers.
According to market experts, Nifty erased the gains from the previous session, and ended near 24,200. Global markets showed a mixed sentiment, as some moved higher after the Federal Reserve announced a rate cut.
The markets are also seeing persistent selling by FIIs continuing to weigh on markets, said they.
Except for Shanghai and Hong Kong markets, trading in markets in Jakarta, Tokyo, Seoul, and Bangkok is trading in the green. US stock markets closed in the red on the previous trading day.
FIIs sold equities worth Rs 4,888 crore on November 7 while domestic institutional investors purchased equities worth Rs 1,786 crore.
Nifty traced a bearish engulfing formation on Thursday, as it declined 1.2 per cent. Akshay Chinchalkar, Head of Research at Axis Securities said, "Breadth was negatively skewed with nine stocks falling for every that rose. The price action over the last couple of weeks has clearly shown the significance of near-term technical resistance in the 24,541-24,560 area.".
Unless Nifty can climb past that hurdle with 23,800 holding on the downside, churn in this broad range is expected to continue. Derivatives activity in Nifty options suggests that mood still remains bearish for now, said Chinchalkar.
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