Mumbai, November 22 (IANS). The Indian stock market opened in the green on Friday. Buying was seen in PSU banks and realty sector in early trade.
At around 9.41 am, Sensex was trading at 77615.50 after rising 459.71 points or 0.60 per cent, while Nifty was trading at 23,489.75 after rising 139.85 points or 0.60 per cent.
Market watchers said that in the current context, some important conclusions have been drawn from the market trends.
“The Russia-Ukraine war has escalated and Russia has also fired intercontinental ballistic missiles. The selling by FIIs continues and the selling trend has reached a record high for 37 consecutive days. But from the September peak, the market has lost only 11 There has been a percentage decline.”
Experts further said, “This is not a decline but an improvement. Mother market America is bullish and has given 25.43 percent return on year to date basis. These factors show that the market environment is positive.”
The market trend remained positive. On the National Stock Exchange (NSE), 1,713 shares were trading in the green, while 492 shares were trading in the red.
Nifty Bank was at 50,890.15, up 517.25 points or 1.03 per cent. The Nifty Midcap 100 index was trading at 54,782.90 levels after rising 397.55 points or 0.73 per cent. At the same time, Nifty Smallcap 100 index was at 17,718.45 after rising 121.85 points or 0.69 percent.
SBI, ICICI Bank, Tata Motors, Power Grid, IndusInd Bank, UltraTech Cement, NTPC, Bajaj Finserv, Tech Mahindra and Bajaj Finance were the top gainers in the Sensex pack. At the same time, Axis Bank was included in the list of top losers.
Talking about Asian markets, except the markets of Hong Kong and Shanghai, the markets of Jakarta, Bangkok, Seoul and Tokyo were trading in the green. At the same time, the American stock markets closed on the green mark on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 5,320 crore on November 21, while domestic institutional investors bought equities worth Rs 4,200 crore on the same day.
According to Akshay Chinchalkar, Head of Research, Axis Securities, with Nifty hitting new low, all focus is now on a key node near 23,200.
He said. “We are also close to a time-reversal area, which covers the early part of next week. Still, unless prices show bullishness on value and time, the bears will have the upper hand.”
–IANS
SKT/KR
