New Delhi [India], November 27 : Bearishness in the Indian stock markets seemed to be over, with the indices trading in the green for three out of four sessions. Yesterday, they were steady.
Sensex today closed at 80,234.08 points, up 230.02 points or 0.29 per cent, and Nifty closed at 24,276.70 points, up 82.20 points or 0.34 per cent. Sectoral indices were mixed today, with media, metal, and oil and gas the top movers, while realty, IT, and pharma were among the top losers, NSE data showed.
"Market is likely to consolidate around the current levels since there are no immediate triggers for a breakout or a break down. A major market concern from relentless FII selling is receding since they have turned buyers, though marginally," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
"Market participants will be closely watching this trade space (Trump's imposition of tariffs) which has become unpredictable. India is unlikely to be impacted in the initial phase of Trump's tariff plan but may come under Trump's radar soon since India has a trade surplus with the US."
The latest rally helped recover some of the recent losses, with indices gaining over 4 per cent over the past four sessions.
The Sensex remains nearly 6,000 points below its all-time high of 85,978 points. Recent bearish trends have been attributed to fund outflows, lower-than-expected Q2 earnings by India Inc., and persistently high inflation.
Meanwhile, foreign portfolio investors (FPIs) are poised to end November as net sellers in Indian stock markets for the second consecutive month, following a four-month buying streak until September.
According to data from the National Securities Depository Limited (NSDL), FPIs have sold stocks worth Rs 15,845 crore in November so far, though the pace of outflows has slowed in recent days.
Looking ahead to December, the Reserve Bank of India's (RBI) bi-monthly Monetary Policy Committee (MPC) meeting will be closely monitored for fresh cues. Persistent food inflation continues to delay potential rate cuts by the central bank.
Additionally, GDP data for the July-September quarter, due at 4 pm on November 29, will be a key focus. The Indian economy grew by 6.7 per cent in the April-June quarter, falling short of the RBI's 7.1 per cent forecast.