Stock market opens flat with a marginal decline, rangebound movement expected
Oct 24, 2024, 10:24 IST
On Thursday, the stock market commenced its trading session on an even keel, with both the Sensex and Nifty indices initiating the day with minor losses.
The Sensex index declined by 84.98 points, commencing at 80,166.96, whereas the Nifty index experienced a diminution of 15.35 points, initiating trading at 24,420.15.
Among the constituents of the Nifty index, the market landscape exhibited a slight negative bias, with 21 stocks registering gains, 27 encountering declines, and 2 maintaining their previous values.
Trent, HDFC Bank, Sun Pharma, HCL Technologies, and Hero MotoCorp emerged as the top gainers, showing resilience despite the cautious market sentiment. In contrast, Hindalco, SBI Life, Hindustan Unilever, Britannia, and Tata Consumer Products led the list of top losers.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,684.63 crore on Wednesday. Domestic Institutional Investors (DIIs) bought equities worth ₹6,039.90 crore.
Shriram Subramanian, Founder and MD of InGovern Research Services, commented on the market trend, stating, "Markets have absorbed much of the selling by FIIs as DIIs continue to buy. Some mid and small caps stocks are available at attractive valuations. Large cap stocks will continue to attract flows."
Varun Aggarwal, founder and MD of Profit Idea, said, "The average directional index (ADX) average line is trending upward, indicating continued weakness, and options data shows a rangebound movement expected for today and tomorrow's expiry, with heightened activity around the 24,500 level."
The market's subdued opening reflects a cautious outlook as investors weigh global and domestic factors, with stock-specific movements driving the day's activity.
With inputs from ANI.
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The Sensex index declined by 84.98 points, commencing at 80,166.96, whereas the Nifty index experienced a diminution of 15.35 points, initiating trading at 24,420.15.
Among the constituents of the Nifty index, the market landscape exhibited a slight negative bias, with 21 stocks registering gains, 27 encountering declines, and 2 maintaining their previous values.
Trent, HDFC Bank, Sun Pharma, HCL Technologies, and Hero MotoCorp emerged as the top gainers, showing resilience despite the cautious market sentiment. In contrast, Hindalco, SBI Life, Hindustan Unilever, Britannia, and Tata Consumer Products led the list of top losers.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,684.63 crore on Wednesday. Domestic Institutional Investors (DIIs) bought equities worth ₹6,039.90 crore.
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Shriram Subramanian, Founder and MD of InGovern Research Services, commented on the market trend, stating, "Markets have absorbed much of the selling by FIIs as DIIs continue to buy. Some mid and small caps stocks are available at attractive valuations. Large cap stocks will continue to attract flows."
Varun Aggarwal, founder and MD of Profit Idea, said, "The average directional index (ADX) average line is trending upward, indicating continued weakness, and options data shows a rangebound movement expected for today and tomorrow's expiry, with heightened activity around the 24,500 level."
The market's subdued opening reflects a cautious outlook as investors weigh global and domestic factors, with stock-specific movements driving the day's activity.
With inputs from ANI.
SEE ALSO:
Afcons Infrastructure IPO – GMP, risk factors and all you need to know
UPI refund to digital arrest scam, here are some online scams you need to be aware of
Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more
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