Mumbai, December 3 (IANS). The Indian stock market opened flat on Tuesday. Buying was seen in the PSU bank sector in early trade.
At around 9:46 am, the Sensex was trading 101.03 points or 0.13 per cent higher at 80,349.11, while the Nifty was trading at 24,302.85, up 26.80 points or 0.11 per cent.
The market trend remained positive. On the National Stock Exchange (NSE), 1,864 shares were in the green, while 421 shares were in the red.
According to market watchers, “The market’s resilience is evident in its ability to bounce back. The market is focusing not on the GDP growth slowdown but on the possible policy response to this slowdown.”
He further said that the surge in banking stocks yesterday indicates that the market is expecting CRR cut on Friday, which will increase the profitability of banks.
Nifty Bank was up 337.30 points or 0.65 per cent at 52,446.30. The Nifty Midcap 100 index was trading at 57,353.65, up 352.80 points or 0.62 per cent. The Nifty Smallcap 100 index was at 19,019.30, up 174.25 points or 0.92 per cent.
Akshay Chinchalkar, Head of Research, Axis Securities, said, “Nifty rose for the second consecutive day, and is now at a point where the head-and-shoulders bottom could be confirmed. 24315 levels need to be kept an eye on for the day. , and any close above this barrier will activate the pattern with a small upside objective near 24,800 followed by a larger objective near 25,500.”
He further said that any decline that takes the market below 23,873 after confirmation of the pattern will force a review of this bullishness. Meanwhile, 24360 – 24540 area remains important.
Adani Ports, SBI, HDFC Bank, JSW Steel, IndusInd Bank, Tata Steel and Bajaj Finance were the top gainers in the Sensex pack. Whereas, ITC, Bharti Airtel, Sun Pharma, M&M and Kotak Mahindra Bank were the top losers.
In Asian markets, markets of Seoul, Japan, China, Hong Kong, Bangkok and Jakarta were trading in the green. In the US stock markets, S&P 500 and Nasdaq Composite closed with gains of 0.24 per cent and 0.97 per cent respectively. The Dow Jones Industrial Average closed with a decline of 0.29 percent on the last trading day.
Foreign institutional investors (FIIs) sold shares worth Rs 238 crore on December 2, while domestic institutional investors bought shares worth Rs 3,588 crore on the same day.
–IANS
SKT/AS
