Indian stock market opens flat, all eyes on US election

Mumbai: The Indian stock market opened flat on Tuesday as buying was seen in metal, auto IT, PSU bank and pharma sectors during the early trade, as investors turned their attention to the closely-fought US election.

The Sensex was trading at 78,714.02 after slipping 68.22 points or 0.09 per cent in early trade. At the same time, the Nifty was trading at 23,989.50 after slipping 5.85 points or 0.02 per cent.

The market trend remained positive. On the National Stock Exchange (NSE), 1,409 stocks were trading in green while 840 stocks were trading in red.

Nifty Bank was at 51,123.70 after falling 91.55 points or 0.18 per cent. The Nifty Midcap 100 index was trading at 55,720.55 after slipping 64 points or 0.11 per cent. The Nifty Small cap 100 index was at 18,378.65 after slipping 46 points or 0.25 per cent.

ITC, L&T, infosys, HDFC Bank, Bharti Airtel, Reliance, Bajaj Finance, ITC and Power Grid were the top losers in the Sensex pack. JSW Steel, Tata Steel, Sun Pharma, HCL Tech, Tata Motors and IndusInd Bank were the top gainers.

According to market experts, with all attention focused on the outcome of the US presidential election, perhaps the more important domestic economic issue is not getting the importance it deserves

“It is important to understand that India’s underperformance is striking: while S&P 500 is up 20.45 per cent year-to-date, Nifty is up by only 10.36 per cent YTD. Clearly, domestic issues are weighing on markets,” they said.

In Asian markets, except for Seoul and Jakarta markets, the markets of Shanghai, Hong Kong, Tokyo and Bangkok were trading in green.

The US stock markets closed in the red on the previous trading day in the election week. When voters go to the polling stations on Tuesday, they will have to decide between the top issues presented by Kamala Harris – abortion and character – or Donald Trump – immigration and the economy.

Meanwhile, foreign institutional investors (FIIs) sold equities worth Rs 4,329 crore on November 4, while domestic institutional investors bought equities worth Rs 2,936 crore on the same day.

“Investors can opt for the safe strategy of remaining invested and accumulating stocks in segments which can weather the volatility,” advised experts.

IANS