On Thursday, Indian frontline indices reached a new high, buoyed by bullish global indicators.
At 9:46 a.m., the Sensex was up 144 points, or 0.17 percent, at 85,314, while the Nifty was up 36 points, or 0.14 percent, at 26,040.
In early trading, the Sensex and Nifty reached new all-time highs of 85,372 and 26,056, respectively.
Top gainers in the Sensex pack were Maruti Suzuki, Wipro, Tata Motors, Nestle, HCL Tech, Tech Mahindra, Infosys, ITC, TCS, Bajaj Finserv, HUL, Bharti Airtel, Axis Bank, and SBI. Power Grid, NTPC, Tata Steel, JSW Steel, Titan, Bajaj Finance, HDFC Bank, L&T, and Kotak Mahindra Bank were the biggest losers.
Selling was observed in midcap and smallcap equities. The Nifty midcap 100 index down 375 points, or 0.62 percent, to 60,089, while the Nifty smallcap 100 index dropped 104 points, or 0.54 percent, to 19,252.
According to market experts, “there are no immediate near-term triggers that can cause the market to move sharply up or down.” Upward movements may attract selling by FIIs, who are expected to move more money to China and Hong Kong because these markets are cheap and currently experiencing an uptrend. However, FII selling is unlikely to materially impact the market because there is plenty of local liquidity to absorb any selling.
“A range-bound market is a near-term scenario and, therefore, the real action will be stock-specific,” said the authors.
Among the sectors indices, PSU Bank, metal, real estate, energy, private bank, and infrastructure were the biggest losers. The auto, IT, pharmaceutical, fast-moving consumer goods, services, and healthcare industries all saw significant gains.
Asian markets are now experiencing a positive trend. Tokyo, Hong Kong, Shanghai, Jakarta, and Seoul all had positive stock prices. The US markets closed mixed on Wednesday.
Foreign institutional investors (FIIs) sold equities worth Rs 973 crore on September 25, while domestic institutional investors acquired equities worth Rs 1,778 crore on the same day.
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