Mumbai, December 2 (IANS). The Indian stock market opened in the red on Monday. Selling was seen in PSU banks and financial services sectors in early trade.
At around 09:42 am, the Sensex was trading 140.80 points or 0.18 per cent lower at 79,661.99, while the Nifty was trading 12.25 points or 0.05 per cent lower at 24,118.85.
The market trend remained positive. On the National Stock Exchange (NSE), 1,254 shares were trading in the green, while 1,076 shares were trading in the red.
Market experts say that the second quarter GDP figures may affect the market, but it is not likely to have a huge impact.
He further said, “If there is a sharp decline in the market, it could be a buying opportunity, as domestic institutional investors (DIIs) will continue to buy during the decline. He added that segments like pharma, telecom and digital companies, which are vulnerable to recession, are not affected, they can be bought on dips.”
In the context of slowdown in growth, RBI may cut CRR on December 6.
“With CPI inflation running at 6.2 per cent, the MPC is unlikely to cut rates. The CRR cut will be a positive for banks and hence banking stocks are likely to remain resilient,” experts said.
Nifty Bank was down 177.45 points or 0.34 per cent at 51,878.15. The Nifty Midcap 100 index was trading at 56,571.55, up 178.90 points or 0.32 per cent. The Nifty Smallcap 100 index was at 18,731.80, up 80.85 points or 0.43 per cent.
On Daily Nifty Trend and Market Short-Term Outlook, Akshay Chinchalkar, Head of Research, Axis Securities said, “Friday saw a “bullish belt-hold” formation on Nifty as the previous day’s losses were largely recovered “
He said this makes Thursday’s low of 23,873 important for both bulls and bears, while resistance remains at 24,360, followed by the 24,540 area.
IndusInd Bank, Bajaj Finance, Reliance, L&T, HDFC Bank, Hindustan Unilever, NTPC, TCS, Infosys and Asian Paints were the top losers in the Sensex pack.
Whereas, Maruti, Sun Pharma, Adani Ports, Altatech Cement, Tata Motors, Tech Mahindra, M&M and JSW Steel were the top gainers.
In Asian markets, Seoul and Bangkok markets were trading in the red. At the same time, the markets of China, Hong Kong, Japan and Jakarta were trading in the green. In the last trading session, American stock markets closed in the green.
Foreign institutional investors (FIIs) sold equities worth Rs 4,383 crore on November 29, while domestic institutional investors bought equities worth Rs 5,723 crore on the same day.
–IANS
SKT/AS
