Indian stock market opens flat; realty sector leads the gains

Sensex, and Nifty flat in early trade

The Indian stock market opened on a flat note on Thursday, with early trading showing strength in the real estate sector.

At 9:39 AM, the BSE Sensex stood at 80,194.06, down by 40.02 points or 0.05%. Meanwhile, the Nifty was at 24,277.25, marking a modest rise of 2.35 points or 0.01%.

Despite the flat opening, market sentiment remained positive. On the National Stock Exchange (NSE), 1,792 stocks advanced, while 464 stocks declined. The Nifty Bank index gained 224.35 points, or 0.43%, to reach 52,526.15.

The Nifty Midcap 100 index climbed by 381.35 points, or 0.68%, to 56,653.70, while the Nifty Smallcap 100 index surged by 165.30 points, or 0.89%, to 18,668.15.

Commenting on market trends, Akshay Chinchalkar of Axis Securities noted that the Nifty had formed a bullish pattern within a narrow range over the past three days, spanning 24,125-24,350. “This pattern is significant, especially after Monday’s gap-up, and indicates a potential upward movement,” he said. According to Chinchalkar, immediate resistance lies at 24,360, with the next level at 24,540.

He added that critical support is at 24,120, with the bearish sentiment taking hold only if the index closes below 23,956.

Among the top gainers on the Sensex were Hindustan Unilever, ITC, HDFC Bank, IndusInd Bank, Tata Motors, Tata Steel, Nestle India, and Adani Ports. Infosys, Tech Mahindra, HCL Tech, Power Grid, TCS, M&M, and Bajaj Finance saw declines on the losing side.

In Asian markets, Seoul and Japan traded in the green, while markets in China, Hong Kong, Bangkok, and Jakarta were in the red. US markets had closed lower on the previous day.

Foreign institutional investors (FIIs) were net buyers of Indian equities, purchasing shares worth Rs.7.78 crore on November 27. Domestic institutional investors (DIIs) were also active buyers, acquiring equities worth Rs.1,301.97 crore on the same day.

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