MUMBAI: The stock market opened on a flat note on Thursday, with both the Sensex and Nifty starting the day with minor losses. The Sensex fell by 84.98 points, opening at 80,166.96, while the Nifty slipped by 15.35 points to start at 24,420.15.
Among Nifty companies, market breadth was slightly negative, with 21 stocks advancing, 27 declining, and 2 remaining unchanged. 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.
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. (ANI)