Indian Stock Market Opens in Green, Positive Trend in Early Trade
Mumbai, Nov 29 – The Indian stock market opened on a positive note on Friday, with buying activity seen across the Media and Pharma sectors in the early hours of trading.
At 09:44 a.m., the benchmark Sensex was trading at 79,369.57, up by 325.83 points or 0.41%, while the Nifty stood at 24,019, gaining 104.85 points or 0.44%. The market maintained a positive trend with 1,345 stocks advancing and 876 stocks declining on the National Stock Exchange (NSE).
The Nifty Bank index rose 224.45 points or 0.43% to 52,131.30, while the Nifty Midcap 100 index climbed 97.20 points or 0.17%, reaching 56,397.95. The Nifty Smallcap 100 index also saw a gain of 73.85 points or 0.40%, trading at 18,585.40.
Experts noted that the market’s positive momentum could be attributed to stock-specific actions linked to the inclusion of 45 new stocks in the Futures & Options (F&O) list. “It is better for investors to wait and watch. Lots of stock-specific actions are likely starting today in response to the F&O list inclusion,” said market experts. While the “buy on dips” strategy may not yield immediate gains in the short term, it remains a viable approach for investors with a medium- to long-term outlook.
For long-term investors, large-cap stocks in sectors like financials, IT, capital goods, and telecom are seen as ideal for accumulation, experts added.
In the Sensex pack, stocks such as Sun Pharma, Adani Ports, M&M, Bharti Airtel, L&T, Bajaj Finance, Titan, and HCL Technologies were among the top gainers. Conversely, Power Grid, ITC, TCS, Maruti, Tata Steel, and Tech Mahindra were the leading losers.
In the Asian markets, both China and Hong Kong saw gains, while markets in Bangkok, Jakarta, Seoul, and Japan traded in the red. The US stock markets closed lower on the previous trading day, adding some caution to the global sentiment.
Mandar Bhojane, Research Analyst at Choice Broking, pointed out that the Nifty 50’s daily chart showed a bearish candle, signaling profit booking after a recent pullback from key support levels. He noted that immediate support for the index lies at 23,800 and 23,680, levels aligned with significant Fibonacci retracement zones. These levels could act as potential reversal points, offering a buying opportunity if confirmed by price action.
On the upside, the Nifty faces immediate resistance at 24,350. A sustained move above this level could propel the index towards 24,800 and 25,000, unlocking significant upside potential.
Foreign Institutional Investors (FIIs) were net sellers on November 28, offloading equities worth Rs 11,756 crore. Meanwhile, Domestic Institutional Investors (DIIs) were net buyers, purchasing equities worth Rs 8,718 crore, reflecting a contrasting trend between foreign and domestic investor sentiment.
