The Indian stock market opened in green on Friday amid fresh tensions between Russia and Ukraine, as buying was seen in PSU bank, and realty sectors.
In early trade at around 9:41 am, Sensex was trading at 77615.50 after gaining 459.71 points or 0.60 per cent, while the Nifty was at 23,489.75 after gaining 139.85 points or 0.60 per cent.
Market watchers said that there are some important takeaways from the market trends in the present context.
“The Russia-Ukraine war has escalated with Russia firing even Inter Continental Ballistic Missiles. The relentless selling by FIIs continues with the selling spree reaching a record continuous 37 days. But the market has corrected only by about 11 per cent from the September peak,” they said.
“This is a correction, not a crash. The mother market US is bullish with 25.43 per cent return YTD. These factors suggest that the undertone of this market is positive,” according to experts.
The market trend remained positive. On the National Stock Exchange (NSE), 1,713 stocks were trading in green, while 492 stocks were trading in red.
Nifty Bank was up 517.25 points or 1.03 per cent at 50,890.15. Nifty Midcap 100 index was trading at 54,782.90 after gaining 397.55 points or 0.73 per cent. Nifty Small cap 100 index was at 17,718.45 after rising 121.85 points or 0.69 per cent.
In the Sensex pack, SBI, ICICI Bank, Tata Motors, Power Grid, IndusInd Bank, Ultra Tech Cement, NTPC, Bajaj Finserv, Tech Mahindra and Bajaj Finance were the top gainers and Axis Bank was included in the list of top losers.
In the Asian markets, except Hong Kong and Shanghai markets, the markets of Jakarta, Bangkok, Seoul, Tokyo were trading in green. Whereas the US stock market closed in green on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 5,320 crore on November 21, while domestic institutional investors bought equities worth Rs 4,200 crore on the same day.
According to Akshay Chinchalkar, Head of Research at Axis Securities, with the Nifty falling to a new low, the focus is now squarely on a major node near 23,200.
“We are also close to a time-reversal area which covers the early part of next week, with both daily and weekly momentum now deeply oversold. Still, unless prices show bullish behaviour at price and time support, bears will have the upper hand,” he mentioned.
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