Indian stock market opens flat, realty stocks shine

Mumbai(The Uttam Hindu): The Indian stock market opened flat on Thursday as buying was seen in the realty sector in early trade. At around 09:39 am, the Sensex was trading at 80,194.06 after falling 40.02 points or 0.05 per cent, while the Nifty was trading at 24,277.25 after rising 2.35 points or 0.01 per cent. The market trend remained positive. On the National Stock Exchange (NSE), 1,792 stocks were trading in green, while 464 stocks were in the red.

Nifty Bank was up 224.35 points or 0.43 per cent at 52,526.15. Nifty Midcap 100 index was trading at 56,653.70 after gaining 381.35 points or 0.68 per cent. Nifty Smallcap 100 index was at 18,668.15 after gaining 165.30 points or 0.89 per cent. Akshay Chinchalkar of Axis Securities said, "Nifty has traced a bullish pattern within a three-day range spanning the 24,125-24,350 area. This is a very rare occurrence as each of the three candles has a similar high-to-low range, with the pattern becoming especially important post the Monday gap-up". 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," he added.

In the Sensex pack, Hindustan Unilever, ITC, HDFC Bank, IndusInd Bank, Tata Motors, Tata Steel, Nestle India and Adani Ports were the top gainers. Infosys, Tech Mahindra, HCL Tech, Power Grid, TCS, M&M and Bajaj Finance were the top losers. In Asian markets, the markets of Seoul and Japan were trading in green. Whereas, the markets of China, Hong Kong, Bangkok and Jakarta were trading in the red. US stock markets closed in red on the previous trading day. Foreign institutional investors (FIIs) bought equities worth Rs 7.78 crore on November 27, while domestic institutional investors bought equities worth Rs 1,301.97 crore on the same day.