Mumbai, October 17 (IANS). The Indian stock market opened in the red on Friday. However, in the initial trade itself, the market calmed down and started trading in the green with a slight rise. Buying was seen in auto and FMCG sectors in morning trade, while IT and PSU banks remained in the red.
At around 9.46 am, the Sensex was trading 100.42 points or 0.12 per cent higher at 83,568.08, while the Nifty was trading 19.95 points or 0.08 per cent higher at 25,605.25.
Among broadcap indices, Nifty Midcap 100 was trading 0.21 per cent lower and Nifty Smallcap 100 rising 0.29 per cent.
On the sectoral front, Nifty Auto gained 0.69 percent, Nifty Financial Services gained 0.06 percent and Nifty Pharma gained 0.01 percent. While Nifty IT was trading down by 1.25 percent and Nifty PSU Bank was trading down by 0.28 percent.
“The market is technically strong. Price movements in major stocks are indicating short covering. There are still large shorts in the system and market strength may push back the bears, leading to further short covering,” market experts said.
He further said, “Good results from major banking companies HDFC and ICICI can provide fundamental support to the market. Muhurta trading and festive fervor can further add to the bullish sentiment.”
Meanwhile, Asian Paints, M&M, Axis Bank, ITC, Titan and Tata Motors were the top gainers in the Sensex pack. Whereas, Eternal, HCL Tech, Tech Mahindra and PowerGrid were the top losers.
In the last trading session in the US market, Dow Jones closed at 45,952.24 with a decline of 0.65 percent or 301.07 points. At the same time, the S&P 500 index closed in the red at 6,629.07, down 41.99 points or 0.63 percent, and the Nasdaq closed in the red at 22,562.54, down 107.54 points or 0.47 percent.
Most Asian markets were trading in the red in the morning. China’s Shanghai index was trading 1.00 percent lower. Japan’s Nikkei was down 1.16 percent. Hong Kong’s Hang Seng index fell 1.73 percent. Only South Korea’s Kospi was trading up 0.06 percent.
Foreign institutional investors (FIIs) were net buyers on October 16 and bought shares worth Rs 997.29 crore, while domestic institutional investors (DIIs) bought shares worth Rs 4,076.20 crore.
–IANS
SKT/