Mumbai, December 9 (IANS). The Indian stock market opened flat on Monday. Heavy selling was seen in the FMCG sector of Nifty in early trade.
At around 9:27 am, the Sensex was trading at 81,748.46, up 39.34 points or 0.05 per cent, while the Nifty was trading at 24,696.10, up 18.30 points or 0.07 per cent.
The market trend remained positive. On the National Stock Exchange (NSE), 1,450 shares were trading in the green, while 498 shares were in the red.
According to market experts, the market trend will remain mildly bullish for some time.
Market experts said, “The 3.2 per cent rise seen in Nifty in the last 15 days is due to the leading banks, whose valuations are still reasonable and they have the potential to take the market forward.”
Experts further said that the return of FIIs is another positive aspect, which is a good sign for large caps. The current rally may take Nifty Bank to new record highs, due to which Nifty may rise further.
Nifty Bank was trading at 53,532.95, up 23.45 points or 0.04 per cent. The Nifty Midcap 100 index was trading at 58,824.65, up 120.05 points or 0.20 per cent. The Nifty Smallcap 100 index was at 19,543.60, up 51.50 points or 0.26 per cent.
Akshay Chinchalkar of Axis Securities said, “Friday’s Nifty decline traced the small size bar in Thursday’s long-range, creating an ‘inside day’. This indicates volatility compression, but since volatility is cyclical, A trending move should be expected.”
L&T, Tech Mahindra, NTPC, Bajaj Finance, JSW Steel, HDFC Bank, Sun Pharma and Adani Ports were the top gainers in the Sensex pack. Whereas, Hindustan Unilever Limited, Infosys, M&M, Axis Bank and UltraTech Cement were the top losers.
In Asian markets, markets of Jakarta and Japan were trading in the green, while markets of China, Hong Kong, Seoul and Bangkok were trading in the red.
In the last trading session in the US stock markets, S&P 500 and Nasdaq closed with gains of 0.25 percent and 0.81 percent respectively. At the same time, Dow Jones Industrial Average closed down 0.28 percent.
Foreign institutional investors (FIIs) sold shares worth Rs 1,830.31 crore on December 6, while domestic institutional investors bought shares worth Rs 1,659.06 crore on the same day.
–IANS
SKT/AS
