Indian stock markets opened flat on Thursday amid selling pressure in other Asian markets. However, a buying trend was observed due to the return of foreign investors. The Nifty 50 index opened at 24,274.15 with almost flat gains, while the BSE Sensex opened at 80,281.64 points.
Experts noted that this week’s net positive inflows by foreign investors indicate a return of FPI inflows. At the same time, strong US growth continues to attract inflows into US stocks. Ajay Bagga, a Banking and Market Expert, told ANI, “Net positive FPI flows for the last three trading days are raising hopes that the FPI exodus from the Indian markets may have petered out. US stock funds are globally seeing the biggest inflows, followed by Japanese stock funds. For now, strong US growth is helping inflows into US stocks. India could be one of the beneficiaries in any pivot from this positioning to the EMs. Today’s monthly expiry and Thanksgiving holidays in the US markets will keep markets volatile today”.
In sectoral indices on the National Stock Exchange, all sectors except Nifty Auto, Nifty IT, and Nifty Pharma witnessed gains during the opening session. Nifty Realty and Nifty FMCG emerged as the top gainers among the sectors at the time of filing this report. Adani Enterprises emerged as the top gainer in the Nifty 50, followed by Hindustan Unilever, Adani Ports, and HDFC Life. Most companies of the Adani Group performed well, with Adani Green shares surging by 7 percent during the opening session. In the Nifty 50 list, 22 stocks gained while 28 declined at the time of filing this report. “The nifty has traced a bullish ‘harami’ pattern within a three-day range spanning the 24,125 – 24,350 area. The immediate hurdle to monitor is 24,360, above which the next resistance sits around 24,540.
Critical support lies at 24,120, with bears gaining the upper hand only on a daily close below 23,956,” said Akshay Chinchalkar, Head of Research, Axis Securities.
