Mumbai (Maharashtra) [India], December 4 : Indian markets opened flat on Wednesday, taking cues from the global markets, but the upward movement continues.
The Nifty 50 index on the National Stock Exchange opened at 24,475.50 points with a gain of 18.35 points or 0.08 per cent, while the BSE Sensex index opened at 80,911.71 points with a gain of 65.96 points or 0.08 per cent.
Experts noted that the markets have a positive outlook in December, with foreign investors also starting to buy. However, geopolitical events continue to affect the markets in the near term.
Ajay Bagga, Banking and Market Expert "Indian markets have rallied strongly over the last three sessions. FPI flows were positive for Tuesday. The global events are an overhang this morning. Korean drama of martial law, protests and lifting of martial law. US markets hit their 55 th all-time high for CY2024, a record going back to 1929 . Though Indian futures are indicating a muted start, overall the December seasonality favours a Santa Claus rally in India. The mood has turned from "sell on every rise " to "buy in dips".
In the sectoral indices on NSE, except for Nifty Media and Nifty Pharma, all other indices opened in green. In the Nifty 50 list, 33 stocks gained, while 17 stocks declined. BEL opened as the top gainer followed by HDFC Life, SBI Life, and NTPC.
"The nifty's advance yesterday activated a head-and-shoulders bottom that targets an immediate hurdle in the 24600 - 24800 zone followed by a larger objective of 25500. On the downside, 24240 is immediate support followed by 24000. Notably, the percentage of stocks in the NSE500 above the 200 dma has reached the highest since early November - the reading is currently at 59 per cent. If it were to get past 64 per cent, it would trigger a larger bullish thrust for stocks" said Akshay Chinchalkar, Head of Research, Axis Securities.
The domestic market remains buoyant after three consecutive days of gains, driven by strong global cues and a slight recovery in Foreign Institutional Investors (FII) sentiment, as evidenced by net FII buying of Rs 3,664.67 crore on Tuesday. In contrast, Domestic Institutional Investors (DIIs) net sold shares worth Rs 250.99 crore.
In other Asian markets, South Korea's KOSPI index was down by 1.83 per cent after martial law was implemented in the country. Japan's Nikkei 225 index was down marginally by 0.18 per cent, Hong Kong's Hang Seng index was up by 0.15 per cent, and Taiwan's Weighted index was up by 0.54 per cent.