Share market opens flat, Bharti Airtel and ICICI Bank among top gainers
The Indian stock market opened flat on Tuesday as buying was seen in realty, media, IT, PSU bank, financial services, and pharma sectors in early trade.
The Sensex was trading at 79,584.29 after rising 88.14 points or 0.11 percent. At the same time, the Nifty was trading at 24,172.95 after rising 31.65 points or 0.13 percent.
The market trend remained positive. On the National Stock Exchange (NSE), 1,525 stocks were trading in the green, while 651 stocks were trading in the red.
Nifty Bank was at 52,933.60 after rising 56.85 points or 0.11 percent. The Nifty Midcap 100 index was trading at 56,230.10 after gaining 376.35 points or 0.67 percent. The Nifty Smallcap 100 index was at 18,352.55 after gaining 127.40 points or 0.70 percent.
Bharti Airtel, ICICI Bank, Tata Steel, Sun Pharma, Axis Bank, HCL Tech, Power Grid, Tata Motors, and Infosys were the top gainers in the Sensex pack. At the same time, Asian Paints, M&M, HDFC Bank, Maruti, Nestle India, and IndusInd Bank were the top losers.
ICICI Bank, Infosys, Bajaj Finserv, Bajaj Finance, Tech Mahindra, Maruti, Sun Pharma, and Axis Bank were the top gainers. Meanwhile, Titan, Tata Steel, Hindustan Unilever Limited, Kotak Mahindra Bank, Tata Motors, and SBI were the top losers.
According to market experts, two strong factors have been at play in this consolidating market.
“One, the relentless selling by FIIs has been favoring the bears and pulling the market down. Two, the sustained buying by DIIs has been supporting the market, preventing a crash,” they said.
The Nifty remains caught in no-man’s land between resistance at 24,360 and support at 24,000, which is in tune with how the market has been volatile but “has not been able to trend in either direction since the October 25 lows near 24,073,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Meanwhile, Asian markets showed mixed performances in early trade as investors remained wary. In the US, Wall Street’s key indexes surged to record highs on Monday, buoyed by stocks expected to benefit from President-elect Donald Trump’s proposed fiscal policies.
In Asian markets, except Jakarta, the markets of Shanghai, Tokyo, Seoul, Bangkok, and Hong Kong were trading in the red. US stock markets closed in the green on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 2,306 crore on November 11, while domestic institutional investors bought equities worth Rs 2,026 crore on the same day.
