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October 24, 2024 10:39 AM IST

Nifty-Sensex

Stock market opens flat with marginal decline

The stock market opened on a flat note on Thursday, with both the Sensex and Nifty experiencing minor losses at the start of the trading session.

The Sensex dropped by 84.98 points, opening at 80,166.96, while the Nifty slipped by 15.35 points, beginning at 24,420.15. Among Nifty-listed companies, market breadth was slightly negative, with 21 stocks advancing, 27 declining, and 2 remaining unchanged.

Top gainers included Trent, HDFC Bank, Sun Pharma, HCL Technologies, and Hero MotoCorp, which displayed resilience despite the overall cautious sentiment in the market. On the other hand, Hindalco, SBI Life, Hindustan Unilever, Britannia, and Tata Consumer Products were among the top losers.

Shriram Subramanian, Founder and MD of InGovern Research Services, said, “Markets have absorbed much of the selling pressure from Foreign Institutional Investors (FIIs), as Domestic Institutional Investors (DIIs) continue to buy. Some mid and small-cap stocks are available at attractive valuations, while large-cap stocks will continue to attract investment flows.”

Varun Aggarwal, Founder and MD of Profit Idea, said, “The Average Directional Index (ADX) is trending upward, indicating continued weakness. Options data also suggests rangebound movement for today and tomorrow’s expiry, with significant activity expected around the 24,500 level.”

The market’s subdued opening reflects a cautious outlook as investors consider both global and domestic factors, with stock-specific movements driving much of the day’s activity. (ANI)

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Last updated on: 21st December 2024