The domestic benchmark indices opened flat on Wednesday as selling pressure was observed in the auto, PSU bank, financial services, pharma, and metal sectors on the Nifty.
At around 9:35 am, the Sensex was trading at 78,054.12, down 84.89 points or 0.11%, while the Nifty was at 23,617.55, down 27.25 points or 0.12%.
The overall market trend remained positive. On the National Stock Exchange (NSE), 1,538 stocks were trading in the green, while 621 stocks were in the red.
According to market experts, the New Year began on a subdued note for the Indian equity market.
The Nifty Bank index was down 46.65 points or 0.09% at 50,813.55. The Nifty Midcap 100 index traded at 57,270.40, rising 70.95 points or 0.12%. Meanwhile, the Nifty Smallcap 100 index stood at 18,831.55, up 62.35 points or 0.33%.
On the sectoral front, buying interest was observed in the IT, FMCG, Media, and Energy sectors on the Nifty.
Among the Sensex pack, Axis Bank, ICICI Bank, IndusInd Bank, Tata Steel, SBI, Nestle India, Tata Motors, M&M, and Maruti Suzuki were the top losers. On the other hand, Sun Pharma, Asian Paints, Bajaj Finserv, L&T, TCS, Tech Mahindra, HCL Tech, and UltraTech Cement emerged as the top gainers.
In the previous trading session, the Dow Jones declined 0.07% to close at 42,544.22, the S&P 500 fell 0.43% to 5,881.60, and the Nasdaq dropped 0.90% to end at 19,310.79.
In Asian markets, Jakarta and Hong Kong traded in the green, while China, Bangkok, Seoul, and Japan were in the red.
Headwinds from a strong dollar (with the dollar index at 108.5%) and high U.S. bond yields are expected to impact the market through increased FII selling, at least in the early days of 2025.
Investors are advised to remain cautious and monitor macroeconomic data that could influence market movements, the experts added.
On December 31, foreign institutional investors (FIIs) sold equities worth Rs 4,645.22 crore, while domestic institutional investors (DIIs) bought equities worth Rs 4,546.73 crore.
(IANS)