Indian stock markets opened on a flat note on Tuesday, with both the Sensex and Nifty slipping into the red. The NSE Nifty 50 declined by 36.80 points or 0.16% to 22,516.50, while the BSE Sensex dropped 14.11 points or 0.02% at 74,440.30 the opening bell.
The top gainers in the early trade include M&M, ICICI Bank, Zomato, Tata Steel, and Bajaj Finserv. On the other hand, the laggards were L&T, TCS, Titan, HCL Tech, and PowerGrid.
In ongoing trade, the BSE MidCap index is at 39,992.08, down 65.77 points or 0.16%, while the BSE SmallCap index is at 45,242.80, slipping 11.26 points or 0.02%.
“The market is oversold, largecap valuations are fair and short positions in the market are high. This warrants a bounce back particularly if a short covering happens. But the real issue is the relentless FII selling in the cash market which has touched 43200 crores in February so far. Since cash market selling and shorting in the derivatives market have been profitable for FIIs, they might continue to sell and try to profit from the negative momentum in the market. It is the sustained DII buying that is preventing the market from a capitulation,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Market recap
Indian stock markets continued their losing streak for the fifth consecutive session on Monday, February 24, as investor sentiment remained weak. Both benchmark indices ended in the red, with the Nifty hovering around 22,550. At the closing bell, the BSE Sensex dropped 856.65 points or 1.14% to settle at 74,454.41, while the NSE Nifty declined 242.55 points or 1.06% to close at 22,553.35.
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