Indian Stock Market Flat at Opening, Nifty Surpasses 24,600
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Mumbai, Dec 10 (NationPress) The Indian stock market commenced on a flat note on Tuesday, with selling pressures observed in Nifty's auto, energy, private banking, and infrastructure sectors during the initial trading session.
As of approximately 9:23 am, the Sensex was recorded at 81,533.01, reflecting an increase of 24.55 points or 0.03 percent, while the Nifty stood at 24,633, up by 14.05 points or 0.06 percent.
The overall market sentiment remained optimistic. On the National Stock Exchange (NSE), 1,508 stocks were noted to be trading positively, whereas 667 stocks faced losses.
Market analysts indicated that the market is expected to remain in a narrow consolidation phase in the short term, as there are no significant catalysts that could propel it into a new bullish trend.
"There are no substantial triggers that may lead to a significant correction from the current levels. Within this range, there are considerable downward and upward movements. FMCG stocks are experiencing selling pressure due to their current sluggish growth phase," they mentioned.
The Nifty Bank index saw a rise of 11.15 points or 0.02 percent, reaching 53,418.90. The Nifty Midcap 100 index was trading at 59,045.35, gaining 46.60 points or 0.08 percent. The Nifty Smallcap 100 index increased by 55.40 points or 0.28 percent, settling at 19,584.
Among the top gainers in the Sensex group were Power Grid, JSW Steel, Infosys, Asian Paints, SBI, Tata Motors, Bajaj Finance, HCL Tech, and Sun Pharma. Conversely, M&M, Titan, Maruti, Tech Mahindra, UltraTech Cement, and TCS were among the main losers.
In Asian markets, Jakarta and Bangkok were trading lower, while China, Hong Kong, Seoul, and Japan showed positive trends. The US stock markets closed negatively on the previous trading day.
On December 9, foreign institutional investors (FIIs) purchased equities worth Rs 724.27 crore, while domestic institutional investors sold equities amounting to Rs 1,648.07 crore on the same day.
