Mumbai: The Indian stock market opened in red on Friday, with selling in all of the Nifty’s sectors in early trade.

At around 9:29 a.m., the Sensex was trading at 80,840.9 after declining 449.02 points or 0.55 percent, while the Nifty was trading at 24,421.15 after dropping 127.55 points or 0.52 percent.

The market trend remained negative. On the National Stock Exchange (NSE), 559 stocks traded in green, while 1,657 stocks traded in red.

According to market experts, “November CPI inflation at 5.48 per cent has come within the RBI’s tolerance limit. If this trend continues, it can pave the way for a rate cut by the monetary policy committee (MPC) in February.”

“However, the rising dollar is a concern since it can lead to imported inflation. Nifty is unlikely to break from the range of 24,500-24,850,” they added.

The Nifty Bank index was down 40.95 points, or 0.08 percent, at 53,175.50. The Nifty Midcap 100 index was trading at 58,706.85 after dropping 314.85 points, or 0.53 percent. The Nifty Smallcap 100 index was at 19,336.50 after dropping 130.05 points, or 0.67 percent.

Akshay Chinchalkar of Axis Securities said that Thursday was another down day on the Nifty, with the market yet again failing to get past what is now undoubtedly a key near-term hurdle near 24,700.

“Yesterday’s drop had higher participation compared with what was seen the day before, which means market participants are nervous,” he mentioned.

In the Sensex pack, Power Grid, Bharti Airtel, Adani Ports, Sun Pharma, NTPC, and Tata Motors were the top gainers. Meanwhile, JSW Steel, Tata Steel, Infosys, M&M, Titan, UltraTech Cement, Bajaj Finance, and L&T were the top losers.

In the Asian markets, except Seoul, Hong Kong, Bangkok, China, Jakarta, and Japan, the shares were trading in red.

In the US stock markets, the S&P 500 and Nasdaq Composite ended 0.54 percent and 0.66 percent lower, respectively. The Dow Jones Industrial Average ended 0.53 percent down on the previous trading day.

Foreign institutional investors (FIIs) sold equities worth Rs 3,560.01 crore in the Indian market on December 12, while domestic institutional investors bought equities worth Rs 2,646.65 crore on the same day.

 

 

 

 

 

 

 

–IANS

Infographics: Pinaki Paul