Stock markets opened on a subdued note on November 28, 2024, with the Sensex and Nifty displaying minimal movement as investors navigated a complex landscape of global economic indicators and domestic market dynamics.

The Sensex opened slightly higher at 80,281.64 from its previous close of 80,234.08 and is currently trading at 80,239.84 as of 9.50 am, up by 5.76 points or 0.01 per cent. Similarly, the Nifty opened at 24,274.15 compared to its previous close of 24,274.90 and is now at 24,282.10, gaining 7.20 points or 0.03 per cent.

Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) played a significant role in market sentiment. On the previous trading day, FIIs were net buyers of equities worth ₹7.78 crore, while DIIs made substantial net purchases of ₹1,301 crore, indicating continued confidence in the Indian market.

Global economic indicators provided a nuanced backdrop. The US markets experienced a decline, with the Nasdaq leading the downturn due to concerns about potential Federal Reserve policies. The US Q3 PCE inflation came in slightly above expectations at 2.2 per cent, while the Q3 GDP remained in line at 2.8 per cent. These factors contributed to market uncertainty.

Sector-specific movements showed interesting trends. Digital and IT indices rallied over 1 percent, while the Auto index lost more than 1 percent. Banking stocks, particularly HDFC Bank, showed strength, with the stock entering uncharted territory.

Several sectors emerged as focal points for investors. Rail stocks were expected to see positive momentum following reports of potential Russian investment in train and component manufacturing in India. Defense stocks showed promise due to political developments in Maharashtra, with experts anticipating increased government capital expenditure.

“The consolidation phase in the market is likely to continue in the near-term,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “A clear positive for the market is the cessation of relentless selling by the FIIs. This will give confidence to the retail investors to again start buying aggressively.”

Top gainers on the NSE included HUL (1.62 per cent), Adani Enterprises (1.34 per cent), ITC (1.18 per cent), Tata Consumer (0.94 per cent), and Coal India (0.91 per cent). Conversely, technology stocks faced pressure, with Infosys (-1.49 per cent), Tech Mahindra (-1.30 per cent), HCL Tech (-1.05 per cent), Power Grid (-0.85 per cent), and TCS (-0.78 per cent) showing declines.

Technical analysts provided additional insights. Sameet Chavan from Angel One noted, “As we approach the monthly expiry, the 24,100–24,400 range will be crucial, and a sustained breakout beyond this zone could drive momentum.”

The market’s immediate outlook remains range-bound, with key support and resistance levels closely watched. Mandar Bhojane from Choice Broking suggested that if the Nifty sustains above 24,400, it could potentially move towards 24,800 and even 25,000.

Investors are advised to maintain a selective and cautious approach, focusing on stock-specific opportunities while monitoring global economic indicators and domestic market trends.

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