Indian Stock Market Opens in Green, Sensex Jumps 459 Points

The Indian stock market opened in green on Friday amid fresh tensions between Russia and Ukraine, as buying was seen in PSU bank, and realty sectors.

In early trade at around 9:41 am, Sensex was trading at 77615.50 after gaining 459.71 points or 0.60 percent, while the Nifty was at 23,489.75 after gaining 139.85 points or 0.60 percent.

Market watchers pointed out that of late, there are some important takeaways from market trends.
The Russia-Ukraine war has escalated with Russia firing even Inter Continental Ballistic Missiles.

The relentless selling by FIIs continues with the selling spree reaching a record continuous 37 days. But the market has corrected only by about 11 percent from the September peak, they said.

This is a correction, not a crash. The mother market US is bullish with 25.43 per cent return YTD. These factors suggest that the undertone of this market is positive," experts explained.

Market trend remained positive. On the National Stock Exchange, 1,713 stocks were trading in green, while 492 stocks were trading in red.

Nifty Bank rose by 517.25 points or 1.03 per cent to close at 50,890.15. Nifty Midcap 100 index had closed at 54,782.90 after surging by 397.55 points or 0.73 per cent. Nifty Small cap 100 index closed at 17,718.45 after gaining 121.85 points or 0.69 per cent.

In the Sensex pack, the gainers included SBI, ICICI Bank, Tata Motors, Power Grid, IndusInd Bank, Ultra Tech Cement, NTPC, Bajaj Finserv, Tech Mahindra, and Bajaj Finance; the losers, on the other hand, added Axis Bank.

In Asian markets, barring Hong Kong and Shanghai markets, the markets of Jakarta, Bangkok, Seoul, and Tokyo were trading in green. Meanwhile, US stock market closed in green on the previous trading day.

Foreign institutional investors sold equities worth Rs 5,320 crore on November 21, while on the same day, domestic institutional investors bought equities worth Rs 4,200 crore.

According to Akshay Chinchalkar, Head of Research at Axis Securities, with the Nifty slipping to a new low, "Now focus squarely on a major node near 23,200".

We are also approaching a time-reversal area that encompasses the first half of next week, with both daily and weekly momentum now significantly oversold. However, unless prices demonstrate positive behavior at price and time support, bears will maintain the upper hand," he said.