Mumbai: Indian benchmark indices opened on a flat note on Tuesday, reflecting mixed global cues and a lack of strong domestic triggers.
As of 9:25 AM, the Sensex was down slightly by 18 points, or 0.02%, at 83,718, while the Nifty decreased by 14 points, or 0.05%, to reach 25,748.
The broader market indices mirrored the benchmarks, with the Nifty Midcap 100 falling by 0.08% and the Nifty Smallcap 100 declining by 0.12%.
Among the major gainers in the Nifty pack were Titan Company, Cipla, and Trent. Conversely, Tata Consumer, Maruti Suzuki, Apollo Hospitals, and Hindalco were among the notable losers.
In terms of sector performance, except Nifty Media, Nifty Oil and Gas, Consumer Durables, and Realty, most indices were in the red. Nifty Auto emerged as the largest loser, down 0.48%, while the FMCG and IT sectors fell by 0.22% and 0.21%, respectively.
Analysts anticipate that the strategy of Foreign Institutional Investors (FIIs) selling in India on market rallies and reallocating funds to other markets will persist in the near term. The renewed selling by FIIs is currently limiting market rallies, suggesting they will continue this trend during market upswings.
However, this situation is expected to be a short-term challenge. The medium-term outlook remains positive, bolstered by strong GDP growth and impressive sales data, especially from the automobile sector, according to market watchers.
Meanwhile, US Federal Reserve officials on Monday expressed differing views on the economy, a debate likely to intensify ahead of the Fed’s December policy meeting. This comes in the context of a federal government shutdown that has delayed key economic data from the Bureau of Labor Statistics.
US markets finished in the green overnight, with the Nasdaq increasing by 0.46%, the S&P 500 gaining 0.17%, and the Dow decreasing by 0.48%.
Most Asian markets were trading in the red during the morning session. The Shanghai index in China slipped by 0.21%, and Shenzhen fell by 1.29%. Japan’s Nikkei declined by 0.1%, while Hong Kong’s Hang Seng Index saw a slight increase of 0.28%. South Korea’s Kospi dropped by 1.59%.
On Monday, FIIs sold equities worth ₹1,883 crore, while Domestic Institutional Investors (DIIs) were net buyers for the seventh consecutive session, purchasing shares valued at ₹3,516 crore.
Analysts have identified immediate resistance levels at 25,850, followed by 25,900 and 26,000. On the downside, support levels are marked at 25,600 and 25,650.
More Stock Market News on www.mediaeyenews.com
Photo: Nitin Lawate/IANS
–IANS
