The Indian benchmark indices opened flat on Friday after the second consecutive rate cut by the US Fed, as selling was seen in auto, PSU bank, media, oil and gas sectors.
Sensex was trading at 79,522.39 after slipping 19.40 points or 0.02 per cent. At the same time, Nifty was trading at 24,179.85 after slipping 19.50 points or 0.08 per cent.
The market trend remained negative. On the National Stock Exchange (NSE), 746 stocks were trading in green, while 1463 stocks were trading in red.
Nifty Bank was at 51,897.05 after slipping 19.45 points or 0.04 per cent. The Nifty Midcap 100 index was trading at 57,116.50 after gaining 7.35 points or 0.01 per cent. The Nifty Smallcap 100 index was trading at 18,749.75 after slipping 14.10 points or 0.08 per cent.
Tata Motors, Reliance, ICICI Bank, Asian Paints, Maruti and NTPC were the top losers in the Sensex pack. Infosys, Tech Mahindra, HDFC Bank, HCL Tech, Titan and Kotak Mahindra Bank were the top gainers.
According to market experts, Nifty erased the gains from the previous session, closing near 24,200. Global markets showed mixed sentiment, with some moving higher after the Federal Reserve announced a rate cut.
However, persistent selling by foreign institutional investors (FIIs) continues to weigh on the markets, they said.
In Asian markets, except Shanghai and Hong Kong, markets in Jakarta, Tokyo, Seoul and Bangkok are trading in the green. At the same time, US stock markets closed in the red on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 4,888 crore on November 7, while domestic institutional investors bought equities worth Rs 1,786 crore on the same day.
Akshay Chinchalkar, Head of Research at Axis Securities said Nifty traced a bearish engulfing formation on Thursday, as it fell 1.2 per cent.
“Breadth was negatively skewed with nine stocks falling for every that rose. The price action over the last couple of weeks has clearly shown the significance of near-term technical resistance in the 24,541-24,560 area,” he mentioned.
Unless Nifty is able to climb past that hurdle with 23,800 holding on the downside, the churn in this broad range is expected to continue. Derivatives activity in Nifty options suggests the mood remains bearish for now, said Chinchalkar.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.
India’s GDP growth to hold steady in FY25, likely to clock 6.7 pc in FY26
India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.
Sensex closes at 82,133 after 2,000 pts rally from day low
According to the experts, "Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, an expectation of an increase in the US spending is propelling the IT sector."