Mumbai, Nov 14 (IANS): 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 am, Sensex was at 77,728.24 after rising 37.29 points or 0.05 per cent while 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.
Nifty Bank was at 50,385.90 after rising 297.55 points or 0.59 per cent. Nifty Midcap 100 index was trading at 54,062.80 after gaining 261.95 points or 0.49 per cent. Nifty Small cap 100 index was at 17,573.25 after gaining 114.35 points or 0.66 per cent.
In 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. Along with this, the huge liquidity available with the domestic institutional investors (DIIs) can boost this surge. However, this surge may not sustain.
"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 and is currently at 106.61. The US 10-year bond yield is at 4.48 per cent. 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 Research, Technical and Derivative, Angel One.
In Asian markets, except Seoul and Tokyo, markets in Jakarta, Shanghai, Bangkok and Hong Kong were trading in the red.
The US stock markets closed in the green on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 2,502 crore on November 13, while domestic institutional investors bought equities worth Rs 6,145 crore on the same day.