Indian Stock Market Opens Positive

By siliconindia  |  Monday, 28 October 2024, 11:09:14 AM IST

Indian Stock Market Opens Positive
Indian stock market opened on a positive note on Monday. Significant buying was seen in morning trade in auto, IT, PSU banks, and pharma.
The benchmark Sensex traded at 79,675.78, up by 273.49 points or 0.34 percent, while the Nifty traded at 24,255.15, up by 74.35 points or 0.31 percent. There was, however, mixed market sentiments as 1,003 stocks traded in the green and 1,124 in the red on NSE.
The Nifty Bank index rose by 315.90 points or 0.62 percent to close at 51,103.35. The Nifty Midcap 100 index rose by 107.70 points or 0.19 percent to reach 55,385.65. The Nifty Smallcap 100 index closed at 17,873.55, after gaining 25.65 points or 0.14 percent.
The biggest gainer in the Sensex pack was ICICI Bank, SBI, NTPC, Tata Motors, Bajaj Finserv, Infosys, Asian Paints, and Sun Pharma. Biggest losers were L&T, ITC, Tech Mahindra, JSW Steel, Power Grid, and Bharti Airtel.
Gaining stocks in Nifty pack include ICICI Bank, BPCL, Asian Paints, Nestle India, and Sun Pharma. Amongst the losers were JSW Steel, L&T, Apollo Hospital, Tata Steel, and Trent.
Asian markets were mixed today. Jakarta, Hong Kong, and Bangkok were trading red while Tokyo, Shanghai, and Seoul were in the green. US stock market closed red on the day before that.
Experts in the market state that once opened positive, the Nifty may sustain at 24,150, 24,050 and 23,900. The initial resistance is said to lie in 24,300 followed by 24,400 and 24,500. Bank Nifty shall have the support line up at 50,600, 50,400 and 50,200. It is the key resistance to be provided to the price at the figure of 51,000 then further support at the line of 51,200 and then 51,400.
FIIs sold equities of Rs 3,036 cr on 25th while domestic institutional investors bought equities worth Rs 4,159 cr on the same day.
The market will be governed by July-September quarter results, which are going to come forth, monthly expiry of derivatives which is scheduled, FII activities, geopolitical tensions arising out of US Presidential election polls and both global as well as domestic macro economic data according to market analysts.

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