Stock market opens in green, media and pharma stocks shine

By Sandy Verma On Nov 29, 2024

�mumbai�� Mumbai: The Indian stock market opened in the green on Friday as buying was seen in the media and pharma sectors in early trading. At around 09.44 am, Sensex was trading at 79,369.57 with a gain of 325.83 points or 0.41 per cent, while Nifty was trading at 24,019 with a gain of 104.85 points or 0.44 per cent. The market trend remained positive. On the National Stock Exchange (NSE), 1345 shares were trading in the green, while 876 shares were trading in the red. Nifty Bank was trading at 52,131.30 with a gain of 224.45 points or 0.43 percent. Nifty Midcap 100 index was trading at 56,397.95 with a gain of 97.20 points or 0.17 per cent. The Nifty Smallcap 100 index was at 18,585.40, up 73.85 points or 0.40 per cent.

According to market experts, “It is better for investors to wait and watch. Several stock-specific actions are likely to be initiated today in response to the inclusion of 45 new stocks in the F&O list.” In this market a strategy of buying on dips may not yield short-term profits. However, this strategy can be implemented by medium to long term investors. Large caps in financials, IT, capital goods and telecom are ideal for accumulation from a medium to long term perspective,” he said. In the Sensex pack, Sun Pharma, Adani Ports, M&M, Bharti Airtel, L&T, Bajaj Finance, Titan and HCL Tech was the biggest gainer, ITC, TCS, Maruti, Tata Steel and Tech Mahindra were the biggest losers.

In Asian markets, China and Hong Kong bourses were trading in the green. Whereas, the markets of Bangkok, Jakarta, Seoul and Japan were trading in the red. American stock markets closed in the red on the last trading day. Mandar Bhojane, Research Analyst, Choice Broking said, “In Nifty 50, the daily chart shows a bearish candle, indicating profit-booking after a comeback from key support levels. Immediate supports are placed at 23,800 and 23,680, which are strong Fibonacci retracements. Is aligned with the levels.

These areas can act as potential reversal points, providing a buying opportunity if confirmed by price action. On the upside, 24350 acts as immediate resistance. A sustained move above this level could take the index towards 24,800 and 25,000, revealing significant upside potential,” he said. Foreign institutional investors (FIIs) were net sellers, buying Rs 11,756 crore worth on November 28. sold equities worth Rs 8,718 crore, while domestic institutional investors (DIIs) were net buyers, buying equities worth Rs 8,718 crore.