Indian Stock Market Maintains Steady Course, Sensex Surpasses 81,500
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Mumbai, Dec 11 (NationPress) The Indian stock market maintained its steady opening trend this week, with selling pressure observed in Nifty's financial services and private banking sectors during the early trading session on Wednesday.
At approximately 9:27 am, the Sensex was positioned at 81,515.06 after a slight increase of 5.01 points or 0.01 percent, while the Nifty traded at 24,623.8, up by 13.75 points or 0.06 percent.
The market sentiment remained optimistic. On the National Stock Exchange (NSE), 1,634 stocks were performing well, while 565 stocks faced declines.
Market analysts noted, "Nifty is experiencing a consolidation phase and is expected to continue this trend with a mild upward bias in the short term."
"The most significant positive for the market is the return of foreign institutional investors (FIIs) and the ensuing strength in large-cap stocks, especially in the banking and IT sectors," they added.
The Nifty Bank index saw a decline of 122.45 points or 0.23 percent, settling at 53,455.25. The Nifty Midcap 100 index traded at 59,129.95 after a drop of 5.45 points or 0.01 percent. Meanwhile, the Nifty Smallcap 100 index was at 19,636.65, showing an increase of 53.45 points or 0.27 percent.
Akshay Chinchalkar from Axis Securities remarked that despite Nifty closing lower for a third consecutive day, the late-session recovery formed a candlestick with a long lower shadow, indicating demand near the 24,500 mark.
"This level signifies a so-called 'polarity zone' that previously acted as resistance," he explained.
Among the Sensex components, the top gainers included UltraTech Cement, Nestle, Infosys, Maruti, Adani Ports, Tata Motors, Asian Paints, Sun Pharma, and L&T. Conversely, the leading losers were ICICI Bank, HCL Tech, Tech Mahindra, Hindustan Unilever, HDFC Bank, and Kotak Mahindra Bank.
In Asian markets, stocks in Hong Kong and Japan were in the red, while Jakarta, Bangkok, China, and Seoul experienced gains. The US stock markets closed negatively on the previous trading day.
On December 10, foreign institutional investors (FIIs) purchased equities valued at Rs 1,285.96 crore, while domestic institutional investors acquired equities worth Rs 605.79 crore on the same day.
