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The stock market opened on a cautious note, retracing its steps into negative territory following a positive finish the previous day.
The Sensex began 64.61 points down at 65,889.67, while the Nifty started 9.80 points lower at 19,758.75. The opening figures indicated a mixed trend among Nifty companies, with 35 advancing and 14 declining. The early trading session saw Asian Paints, Bajaj Auto, Divi's Lab, BPCL, and SBI Life emerge as the top gainers among the Nifty firms. Conversely, SBI, Bajaj Finance, Axis Bank, Bajaj Finserv, and ONGC found themselves among the top losers. Varun Aggarwal, founder and managing director, Profit Idea, said, "The broader indices showed a mixed trend at the opening, with PSU Banks and Financial services leading the falls. The Bank Nifty index witnessed a notable drop of 505.30 points or 1.14 per cent, concluding at 43,656.25. On the NSE Nifty 50 Index, top losers included the State Bank of India, Bajaj Finance, Axis Bank, Bajaj Finserv, and HDFC Banks. Conversely, the top gainers were BPCL, Asian Paints, Hero MotoCorp, Divis Labs, and HCL Technologies". The market showed a mixed trend across broader indices, with PSU Banks and Financial Services leading the declines, particularly notable in the Bank Nifty index, which witnessed a drop of 505.30 points or 1.14%, closing at 43,656.25. The spotlight also turned to Paytm shares as the company's UPI achieved a billion transactions in two months, totalling 11 billion amid the festive season, according to the RBI Bulletin. Analyzing the positive momentum from the previous trading day, market experts anticipate a favourable short-term outlook for Nifty. Bulls are expected to drive further gains, supported by decreasing inflation. Technical analysis indicates strong support for corrective declines around Nifty 19,657, with a significant milestone at 19,889 for potential upside movement. Aggarwal said, "Several positive catalysts contribute to market optimism, including rising copper prices, a decline in WTI crude futures, reduced US-China tensions, optimism regarding Fed rate hikes, strong net buying by FIIs, a weakened US Dollar, lower US Treasury yields, and diplomatic efforts in the Middle East. On the investment front, Foreign Institutional Investors (FIIs) acquired shares worth a net of Rs 975.25 crore, while Domestic Institutional Investors (DIIs) added shares worth a net of Rs 705.65 crore on November 16, 2023, according to provisional data available on the NSE". Several positive factors contribute to market optimism, including rising copper prices, a decline in WTI crude futures, reduced US-China tensions, optimism regarding Fed rate hikes, strong net buying by FIIs, weakened US Dollar, lower US Treasury yields, and diplomatic efforts in the Middle East. On the investment front, Foreign Institutional Investors (FIIs) acquired shares worth a net of Rs 975.25 crore, while Domestic Institutional Investors (DIIs) added shares worth a net of Rs 705.65 crore on November 16, 2023, as per provisional data available on the NSE. The cautious opening sets the stage for an intriguing trading session as market participants gauge the impact of various global and domestic factors on stock movements. (ANI)
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