Mumbai: Indian stock markets opened on a flat note Tuesday, with the Sensex and Nifty 50 showing little movement as mixed global signals and the lack of strong domestic triggers kept investors cautious.
As of 9:25 a.m., the Sensex slipped 18 points, or 0.02 per cent, to 83,718, while the Nifty declined 14 points, or 0.05 per cent, to 25,748.
Broad market indices mirrored the benchmarks. The Nifty Midcap 100 dropped 0.08 per cent, and the Nifty Smallcap 100 was down 0.12 per cent.
Among key gainers in the Nifty Pack were Titan Company, Cipla, and Trent. On the other hand, Tata Consumer, Maruti Suzuki, Apollo Hospitals, and Hindalco traded lower.
Sector-wise, most indices were in the red except for Nifty Media, Oil & Gas, Consumer Durables, and Realty. The Auto index led the decline, falling 0.48 per cent. FMCG and IT also slipped 0.22 per cent and 0.21 per cent, respectively.
Market analysts noted that foreign institutional investors (FIIs) continue to sell on rallies and shift funds to other markets. This persistent selling is restricting any major upward movement in Indian equities.
Even so, experts believe the trend could be short-lived. They remain optimistic about medium-term prospects due to strong GDP growth and healthy automobile sales data.
Globally, US Federal Reserve officials expressed differing opinions on the economy ahead of December’s policy meeting. The absence of key data from the Bureau of Labor Statistics due to the federal government shutdown has added uncertainty.
Overnight, US markets closed mixed. The Nasdaq gained 0.46 per cent, the S&P 500 rose 0.17 per cent, while the Dow Jones slipped 0.48 per cent.
Across Asia, most markets traded lower in early hours. Shanghai dropped 0.21 per cent, Shenzhen fell 1.29 per cent, and Nikkei slipped 0.1 per cent. However, Hang Seng rose 0.28 per cent, while Kospi lost 1.59 per cent.
Back home, FIIs sold equities worth ₹1,883 crore Monday. Meanwhile, domestic institutional investors (DIIs) remained net buyers for the seventh consecutive session, purchasing shares worth ₹3,516 crore.
Analysts identified immediate resistance at 25,850, followed by 25,900 and 26,000. On the downside, support levels are seen near 25,600 and 25,650.