Indian Stock Market Starts Steady, Nifty Surpasses 23,900
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Mumbai, Dec 20 (NationPress) The Indian stock market commenced trading on a steady note this Friday, as the hawkish sentiment from the US Federal Reserve began to wane. Positive movements were noted in auto, media, and energy sectors within the Nifty index.
Experts suggest that the market's negative reaction to the recent comments from the US Fed will not persist in the long term, and a recovery led by large-cap stocks is anticipated in the near future.
As of approximately 9:32 am, the Sensex was recorded at 79,122.61 after a decrease of 95.44 points, or 0.12 percent, while the Nifty stood at 23,932.10, reflecting a drop of 19.60 points, or 0.08 percent.
The market trend remained optimistic, with 992 stocks trading positively on the National Stock Exchange (NSE), compared to 694 stocks that were in the negative.
Nifty Bank experienced a decline of 153.10 points, or 0.30 percent, settling at 51,422.60. The Nifty Midcap 100 index was at 58,763.70, showing an increase of 207.45 points, or 0.35 percent. Meanwhile, the Nifty Smallcap 100 index reached 19,227.60, up by 94.50 points, or 0.49 percent.
Sector-wise, selling pressure was observed in the PSU Bank, Financial Services, FMCG, and metal sectors.
Among the Sensex constituents, the biggest losers included Axis Bank, ITC, JSW Steel, Power Grid, M&M, Ultra Tech Cement, and L&T. Conversely, TCS, Infosys, Tata Motors, Bharti Airtel, HCL Tech, Tech Mahindra, and Kotak Mahindra Bank emerged as the top gainers.
The Dow Jones closed at 42,342.24 with a slight gain of 0.04 percent. The S&P 500 fell by 0.09 percent to 5,867.10, while the Nasdaq dropped 0.10 percent to end at 19,372.77.
In Asian markets, Hong Kong, China, and Japan were trading in positive territory, while Jakarta, Bangkok, and Seoul were experiencing declines.
Experts noted that the buying spree from foreign institutional investors (FIIs) seen in early December is reversing, with this week's selling amounting to Rs 12,229 crore. This shift in FII strategy is reflected in market movements, particularly affecting large-cap financials due to FII selling.
"This trend is not expected to persist, hence retail investors might consider adopting an opposite strategy to that of FIIs. Quality large-cap stocks are likely to bounce back soon," they remarked.
On December 19, FIIs sold equities worth Rs 4,224.92 crore, while domestic institutional investors purchased equities valued at Rs 3,943.24 crore on the same day.
