Indian stock market opens in green after two robust bull sessions

Mumbai, Nov 26 (IANS) The Indian stock market opened in green on Tuesday after witnessing two robust trading sessions, as buying was seen in the realty sector in early trade.

At around 9:53 am, the Sensex was trading at 80,203.9 after rising 94.14 points or 0.12 percent, while the Nifty was trading at 24,253.10 after rising 31.20 points or 0.13 percent.

Market experts said that after two days of rise, this rise is unlikely to continue beyond a level as concerns related to income remain.

Trump’s selection of Scott Bessent as the Treasury Secretary is a positive from the market perspective since he is regarded as a fiscal conservative. This can help bring down the bond yields in the US thereby favouring emerging markets (EMs), they said.

The market trend remained positive. On the National Stock Exchange (NSE), 1,572 stocks were trading in green, while 694 stocks were in the red.

Nifty Bank was up 80.70 points or 0.15 per cent at 52,288.20. Nifty Midcap 100 index was trading at 56,231.35 after gaining 330.80 points or 0.59 per cent. Nifty Smallcap 100 index was at 18,235.55 after gaining 119.70 points or 0.66 per cent.

In the Sensex pack Infosys, Tata Steel, Tech Mahindra, Asian Paints, JSW Steel, ICICI Bank, HCL Tech, Bajaj Finance and Tata Motors were the top gainers. UltraTech Cement, L&T, Sun Pharma, Hindustan Unilever and NTPC were the top losers.

In Asian markets, Jakarta, Seoul and Tokyo markets were trading in red while Hong Kong, Shanghai and Bangkok were trading in green. US stock markets closed in green on the previous trading day.

Foreign institutional investors (FIIs) bought equities worth Rs 9,947 crore on November 25, while domestic institutional investors sold equities worth Rs 6,907 crore on the same day.

According to Akshay Chinchalkar, Head of Research, Axis Securities, Nifty rose 1.3 per cent on Monday, registering a rise of more than one percentage point for the second consecutive time, a trend that was also seen last December.

“The rally created a spinning top candle, representing bull-bear equilibrium. Yesterday’s gap-up means that 23,956 becomes critical support, a daily close below which will re-embolden bears,” he added.

–IANS

skt/na