Mumbai: The Indian stock market opened flat on Thursday as buying was seen in IT, PSU banks, financial services and pharma sectors at Nifty.

In early trade at around 9:43 a.m., the Sensex was at 77,728.24 after rising 37.29 points or 0.05 percent, while the Nifty was at 23,562.05 after a marginal rise.

The market trend remained positive. On the National Stock Exchange (NSE), 1,486 stocks were trading in green, while 803 stocks were trading in red.

The Nifty Bank index was at 50,385.90 after rising 297.55 points, or 0.59 percent. The Nifty Midcap 100 index was trading at 54,062.80 after gaining 261.95 points, or 0.49 percent. The Nifty Small Cap 100 index was at 17,573.25 after gaining 114.35 points, or 0.66 percent.

In the Sensex pack, HCL Tech, Asian Paints, NTPC, IndusInd Bank, SBI, HDFC Bank, and Tech Mahindra were the top gainers. At the same time, UltraTech Cement, Power Grid, Axis Bank, Hindustan Unilever, Maruti, and M&M were the top losers.

According to experts, the market is in a phase of correction. The huge liquidity available with domestic institutional investors (DIIs) can boost this surge, but it may not be sustained.

“Such a bounce back is unlikely to sustain since the fundamental factors are unfavourable. The Trump factor has triggered many profound changes in markets already,” they noted.

The dollar index is strong and rising, currently at 106.61. The US 10-year bond yield is 4.48 percent. These two are strong headwinds for equity markets in emerging economies like India.

‘Midcap and small-cap stocks bore the brunt of the selling pressure, and traders should avoid bottom-fishing in these segments as further sharp declines are likely. With a long weekend ahead, it is advisable to refrain from taking aggressive overnight trading bets,” said Sameet Chavan, Head of Research, Technical and Derivative, Angel One.

In Asian markets, except Seoul and Tokyo, Jakarta, Shanghai, Bangkok, and Hong Kong were trading in the red.

The US stock markets closed in the green on the previous trading day.

On November 13, foreign institutional investors (FIIs) sold equities worth Rs 2,502 crore, while domestic institutional investors bought equities worth Rs 6,145 crore on the same day.

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–IANS