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Nifty, Sensex See Flat Start to Diwali; Mahurat Trading Slated for Friday

The Indian markets opened flat on Diwali day, with Nifty and Sensex trading at marginal declines. Nifty dipped slightly to 24,326.75 (down by 0.06%), while Sensex hovered near 79,859.62, a small decline of 0.10%, as market sentiment remained cautious. Experts Call for Fiscal and Monetary Measures Banking and market expert Ajay Bagga emphasized the need […]

Nifty, Sensex See Flat Start to Diwali; Mahurat Trading Slated for Friday
Nifty, Sensex See Flat Start to Diwali; Mahurat Trading Slated for Friday

The Indian markets opened flat on Diwali day, with Nifty and Sensex trading at marginal declines. Nifty dipped slightly to 24,326.75 (down by 0.06%), while Sensex hovered near 79,859.62, a small decline of 0.10%, as market sentiment remained cautious.

Experts Call for Fiscal and Monetary Measures

Banking and market expert Ajay Bagga emphasized the need for fiscal and monetary support to boost demand. “The festival season is key to annual consumption numbers,” Bagga noted, adding that upcoming weddings and private spending could help offset slower growth.

Sectoral Trends Show Mixed Performance

A mixed trend appeared across sectors. While Nifty Bank recorded a slight rise, Nifty Auto, FMCG, Media, and Metal sectors struggled. Notably, Nifty IT fell by over 1.5%, marking a weak performance in the tech sector.

Cipla Leads Gainers as IT Stocks Decline

Cipla emerged as a top performer with an 8% gain in the Nifty 50. In contrast, major IT stocks like Infosys, TCS, and Tech Mahindra faced selling pressure, ranking as top losers of the day. Foreign investors continued to sell, with net sales totaling Rs 4,613.65 crore on Wednesday.

Analysts Eye Key Support Levels for Bulls

Akshay Chinchalkar, Head of Research at Axis Securities, noted that “Bulls need to hold the Tweezer bottom near 24,130 and push above 24,500 for a bullish trigger.” He suggested that the market may be oversold in the short term, hinting at a possible recovery if support levels hold.

Mixed Asian Market Movements

Asian markets showed mixed performance on Thursday. Japan’s Nikkei declined by 0.4%, while Hong Kong’s Hang Seng rose by 0.79%. South Korea’s KOSPI index fell by 0.75%. U.S. markets mirrored this cautious trend, with the S&P 500 down 0.33% and the Nasdaq falling 0.56% on Wednesday.

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