Mumbai:
On Monday, there was a flat start in the stock markets across the country, but buying is being seen in all the shares of Adani Group, and there is a rise of one percent in Adani Power, Adani Total and NDTV. By the way, heavy selling was seen in the FMCG sector of Nifty in early trading. At around 9:27 am, the Sensex was trading at 81,748.46 with a gain of 39.34 points, or 0.05 percent, while the Nifty was trading at 24,696.10 with a gain of 18.30 points, or 0.07 percent.
Broadly the market trend was positive. On the National Stock Exchange (NSE), 1,450 shares were trading in the green, while 498 shares were in the red. According to market experts, the market trend will remain mildly bullish for some time.
Market experts said, “In the last 15 days, the rise of 3.2 per cent in Nifty was seen due to leading banks, whose valuations are still reasonable and they have the potential to take the market forward…”
Experts further said that the return of FIIs is another positive aspect, which is a good sign for large caps. The current rally can take Nifty Bank to new record highs, due to which Nifty can rise further.
Nifty Bank was trading at 53,532.95, up 23.45 points or 0.04 percent. The Nifty Midcap 100 index was trading at 58,824.65 with a gain of 120.05 points or 0.20 percent. The Nifty Smallcap 100 index was at 19,543.60, up 51.50 points or 0.26 percent.
Akshay Chinchalkar of Axis Securities said, “Friday’s Nifty decline traced the small-sized bar in Thursday’s long-range, creating an ‘inside day’. This indicates volatility compression, but since volatility is cyclical, A trending move should be expected…”
Adani Ports, L&T, Tech Mahindra, NTPC, Bajaj Finance, JSW Steel, HDFC Bank and Sun Pharma were the top gainers in the Sensex pack. Whereas, Hindustan Unilever Limited, Infosys, M&M, Axis Bank and UltraTech Cement were the top losers.
In Asian markets, the markets of Jakarta and Japan were trading in the green, while the markets of China, Hong Kong, Seoul and Bangkok were trading in the red.
In the last trading session in the US stock markets, S&P 500 and Nasdaq closed with a gain of 0.25 percent and 0.81 percent respectively. At the same time, Dow Jones Industrial Average closed down 0.28 percent.
Foreign institutional investors (FIIs) sold shares worth Rs 1,830.31 crore on December 6, while domestic institutional investors bought shares worth Rs 1,659.06 crore on the same day.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
