IANS | 28 Nov, 2024
The Indian stock market commenced trading on Thursday with little change, as early transactions indicated increased activity in the real estate sector.
At approximately 09:39 am, the Sensex was recorded at 80,194.06, reflecting a decline of 40.02 points or 0.05 percent, while the Nifty stood at 24,277.25, having risen by 2.35 points or 0.01 percent. The overall market sentiment appeared to be positive. On the National Stock Exchange (NSE), 1,792 stocks were advancing, whereas 464 stocks were declining.
The Nifty Bank index increased by 224.35 points or 0.43 percent, reaching 52,526.15. The Nifty Midcap 100 index was at 56,653.70, up by 381.35 points or 0.68 percent, while the Nifty Smallcap 100 index rose to 18,668.15, gaining 165.30 points or 0.89 percent.
Akshay Chinchalkar from Axis Securities noted, "Nifty has formed a bullish pattern within a three-day range between 24,125 and 24,350. This is a rare event, as each of the three candles exhibits a similar high-to-low range, making this pattern particularly significant following the gap-up on Monday."
He further indicated that the immediate resistance level to watch is 24,360, with the next level of resistance around 24,540. Critical support is identified at 24,120, with bearish control only becoming evident if there is a daily close below 23,956.
Among the Sensex constituents, Hindustan Unilever, ITC, HDFC Bank, IndusInd Bank, Tata Motors, Tata Steel, Nestle India, and Adani Ports emerged as the leading gainers. Conversely, Infosys, Tech Mahindra, HCL Tech, Power Grid, TCS, M&M, and Bajaj Finance were the primary losers.
In the Asian markets, stocks in Seoul and Japan were performing positively, while those in China, Hong Kong, Bangkok, and Jakarta were experiencing declines. The US stock markets concluded the previous trading day in the negative territory.
Foreign institutional investors (FIIs) purchased equities valued at Rs 7.78 crore on November 27, while domestic institutional investors acquired equities worth Rs 1,301.97 crore on the same day.
