Indian Stock Market Opens in Green as Media and Realty Stocks Lead Gains
Mumbai: The Indian stock market opened on a positive note on Tuesday, with media and real estate stocks witnessing heavy buying interest. Both Nifty Media and Nifty Realty saw significant gains, rising by more than 2%. At around 9:40 am, the Sensex was up by 766.58 points, or 0.99%, trading at 78,105.59, while the Nifty was higher by 236.50 points, or 1.01%, at 23,690.3.
The market trend remained optimistic throughout the morning session, with 2,022 stocks advancing and 248 stocks declining on the National Stock Exchange (NSE). Key indices such as Nifty Bank gained 144.25 points, or 0.29%, reaching 50,508.05, while the Nifty Midcap 100 index rose by 523.70 points, or 0.97%, to 54,568.50. The Nifty Smallcap 100 index also saw a strong uptick, advancing by 238.15 points, or 1.36%, to 17,745.40.
In the Sensex pack, notable gainers included NTPC, Tata Motors, M&M, Adani Ports, Infosys, Power Grid, UltraTech Cement, Tech Mahindra, TCS, Maruti, Titan, and HDFC Bank, while Kotak Mahindra Bank, Sun Pharma, and Bajaj Finserv emerged as the top losers.
Market Outlook and Expert Views
Despite the positive opening, market experts caution that the overall trend does not indicate a sharp recovery in the near term. The momentum that drove the market to record highs in September appears to have stalled. One key observation is that the sharp uptrend that pushed the market to its record peak of 26,216 in September has now lost steam.
Experts suggest that although there may be short-term recoveries, they are unlikely to sustain due to the continued selling by Foreign Institutional Investors (FIIs) and concerns over weak earnings growth expected for FY25. At best, the market may consolidate around the current levels, with sideways movements likely to dominate.
Global Market Performance
In Asian markets, most major indices were trading in the green, with Jakarta, Tokyo, Seoul, Bangkok, and Hong Kong showing positive movement. However, Shanghai was the exception, trading lower. Meanwhile, US stock markets ended the previous trading day in negative territory.
Foreign Institutional Investors (FIIs) were net sellers on November 18, offloading equities worth Rs 1,403 crore, while Domestic Institutional Investors (DIIs) bought equities worth Rs 2,330 crore on the same day, indicating continued support from domestic investors in the current market environment.
