Indian Stock Market Starts Steady with Realty Stocks Leading the Way
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Mumbai, Nov 28 (NationPress) The Indian stock market commenced on a steady note on Thursday, with significant buying activity observed in the real estate sector during early trading.
As of approximately 09:39 am, the Sensex was positioned at 80,194.06, having declined by 40.02 points or 0.05 percent, while the Nifty stood at 24,277.25, reflecting a slight increase of 2.35 points or 0.01 percent.
The overall market sentiment remained optimistic. On the National Stock Exchange (NSE), 1,792 stocks were in the green, contrasted with 464 stocks that were in the red.
The Nifty Bank index rose by 224.35 points or 0.43 percent, reaching 52,526.15. Meanwhile, the Nifty Midcap 100 index was recorded at 56,653.70, gaining 381.35 points or 0.68 percent, and the Nifty Smallcap 100 index reached 18,668.15, up by 165.30 points or 0.89 percent.
According to Akshay Chinchalkar of Axis Securities, “The Nifty has formed a bullish pattern within a three-day range between 24,125-24,350. This is a rare occurrence, as all three candles exhibit a similar high-to-low range, making this pattern especially significant following the gap-up on Monday.”
The immediate resistance level to watch is 24,360, above which the next target is 24,540. Conversely, critical support is found at 24,120, with bearish sentiment prevailing only if there is a daily close below 23,956,” he added.
Among the Sensex constituents, Hindustan Unilever, ITC, HDFC Bank, IndusInd Bank, Tata Motors, Tata Steel, Nestle India, and Adani Ports emerged as the top gainers. In contrast, Infosys, Tech Mahindra, HCL Tech, Power Grid, TCS, M&M, and Bajaj Finance were the biggest losers.
In the broader Asian markets, Seoul and Japan were both showing gains, while China, Hong Kong, Bangkok, and Jakarta were experiencing losses. The US stock markets concluded the previous trading day in negative territory.
On November 27, foreign institutional investors (FIIs) purchased equities worth Rs 7.78 crore, while domestic institutional investors acquired equities valued at Rs 1,301.97 crore on the same day.
