Indian stock markets opened Thursday with minor fluctuations, impacted by selling pressure in other Asian markets. However, a buying trend emerged due to the return of foreign investors.
The Nifty 50 index began at 24,274.15 with slight gains, while the BSE Sensex started at 80,281.64 points.
Analysts observed that this week's net positive inflows from foreign investors suggest a resurgence of FPI inflows. Concurrently, robust growth in the US remains appealing to investors in US stocks.
Ajay Bagga, a Banking and Market Expert, informed ANI that the net positive FPI flows over the past three trading days are sparking optimism that the FPI withdrawal from Indian markets may have subsided.
US stock funds are seeing the highest inflows globally, with Japanese stock funds following. Strong US growth is currently bolstering inflows into US stocks. India could gain if there is a return to emerging markets. Today's monthly expiration and the Thanksgiving holidays in the US markets will add to market volatility.
In the sectoral indices on the National Stock Exchange, gains were observed in all sectors except Nifty Auto, Nifty IT, and Nifty Pharma during the opening session. Nifty Realty and Nifty FMCG were the leading gainers among the sectors at the time of this report.
Adani Enterprises led the gains in the Nifty 50 index, with Hindustan Unilever, Adani Ports, and HDFC Life following closely. Several Adani Group companies saw positive performance, notably Adani Green, which saw a 7 percent increase in shares during the opening session. At the time of reporting, 22 stocks in the Nifty 50 had risen, while 28 had fallen.
The nifty has formed a bullish 'harami' pattern over a three-day range between 24,125 and 24,350. The immediate obstacle to watch is 24,360, beyond which the next resistance is around 24,540. Key support is at 24,120, with bears taking control only if there is a daily close below 23,956,
Asian markets displayed varied trends on Thursday. Japan's Nikkei 225 index rose by 0.42 percent, whereas Hong Kong's Hang Seng dropped by 1.26 percent. The Taiwan Weighted index decreased by 0.33 percent, and South Korea's KOSPI index stayed unchanged. Meanwhile, China's Shanghai Composite experienced little fluctuation.
In the meantime, US markets ended with slight decreases on Wednesday. The S&P 500 dropped by 0.39 percent, while the Nasdaq decreased by 0.59 percent.