ANI
17 Nov 2023, 14:27 GMT+10
Mumbai (Maharashtra) [India], November 17 (ANI): The stock market opened on a cautious note, retracing its steps into negative territory following a positive finish the previous day.
The Sensex began 64.61 points down at 65,889.67, while the Nifty started 9.80 points lower at 19,758.75. The opening figures indicated a mixed trend among Nifty companies, with 35 advancing and 14 declining.
The early trading session saw Asian Paints, Bajaj Auto, Divi's Lab, BPCL, and SBI Life emerge as the top gainers among the Nifty firms. Conversely, SBI, Bajaj Finance, Axis Bank, Bajaj Finserv, and ONGC found themselves among the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said, "The broader indices showed a mixed trend at the opening, with PSU Banks and Financial services leading the falls. The Bank Nifty index witnessed a notable drop of 505.30 points or 1.14 per cent, concluding at 43,656.25. On the NSE Nifty 50 Index, top losers included the State Bank of India, Bajaj Finance, Axis Bank, Bajaj Finserv, and HDFC Banks. Conversely, the top gainers were BPCL, Asian Paints, Hero MotoCorp, Divis Labs, and HCL Technologies".
The market showed a mixed trend across broader indices, with PSU Banks and Financial Services leading the declines, particularly notable in the Bank Nifty index, which witnessed a drop of 505.30 points or 1.14%, closing at 43,656.25.
The spotlight also turned to Paytm shares as the company's UPI achieved a billion transactions in two months, totalling 11 billion amid the festive season, according to the RBI Bulletin.
Analyzing the positive momentum from the previous trading day, market experts anticipate a favourable short-term outlook for Nifty. Bulls are expected to drive further gains, supported by decreasing inflation.
Technical analysis indicates strong support for corrective declines around Nifty 19,657, with a significant milestone at 19,889 for potential upside movement.
Aggarwal said, "Several positive catalysts contribute to market optimism, including rising copper prices, a decline in WTI crude futures, reduced US-China tensions, optimism regarding Fed rate hikes, strong net buying by FIIs, a weakened US Dollar, lower US Treasury yields, and diplomatic efforts in the Middle East. On the investment front, Foreign Institutional Investors (FIIs) acquired shares worth a net of Rs 975.25 crore, while Domestic Institutional Investors (DIIs) added shares worth a net of Rs 705.65 crore on November 16, 2023, according to provisional data available on the NSE".
Several positive factors contribute to market optimism, including rising copper prices, a decline in WTI crude futures, reduced US-China tensions, optimism regarding Fed rate hikes, strong net buying by FIIs, weakened US Dollar, lower US Treasury yields, and diplomatic efforts in the Middle East.
On the investment front, Foreign Institutional Investors (FIIs) acquired shares worth a net of Rs 975.25 crore, while Domestic Institutional Investors (DIIs) added shares worth a net of Rs 705.65 crore on November 16, 2023, as per provisional data available on the NSE.
The cautious opening sets the stage for an intriguing trading session as market participants gauge the impact of various global and domestic factors on stock movements. (ANI)
Get a daily dose of Munich Metro news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Munich Metro.
More InformationDUBLIN, Ireland: The latest Balance for Better Business report has revealed that women now hold 39 percent of board positions ...
BRUSSELS, Belgium: To address power shortages at electric vehicle (EV) charging stations, last week, the European Commission announced plans to ...
The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...
DUBAI, UNITED ARAB EMIRATES - More than 60 countries signed onto a pledge to sharply reduce cooling-related carbon emissions at ...
The complaint is related to steel and aluminum tariffs imposed during the Trump administrationThe EU is considering reopening a case ...
Winter deliveries to Asia will start along the Northern Sea Route next monthMoscow plans to start year-round LNG deliveries to ...
NEW YORK, New York - The U.S. was alone on Friday in a 13-1 vote for a ceasefire in the ...
WASHINGTON D.C.: The Associated Press (AP) reported that Manuel Rocha, a former American diplomat who served as U.S. ambassador to ...
MADISON, Wisconsin: On November 30, Hridindu Sankar Roychowdhury from Wisconsin pleaded guilty to firebombing a conservative anti-abortion group's office on ...
An Israeli tank crew killed a Reuters journalist and wounded six reporters in Lebanon on Oct. 13 by firing two ...
WASHINGTON DC - In a major blow to U.S. President Joe Biden, less that a year out from the November ...
TOKYO, Japan: This week, the U.S. Air Force said that divers have discovered the wreckage and the remains of five ...