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Business News/ Markets / Stock Markets/  Stock market today: Sensex, Nifty 50 end flat; realty, metals shine, pharma stocks drag

Stock market today: Sensex, Nifty 50 end flat; realty, metals shine, pharma stocks drag

Benchmark equity indices, Sensex and Nifty 50, saw gains in early trading but ended Thursday's session flat.

The 30-share BSE Sensex ended lower by 5.43 points or 0.01% at 66,017.81 level while the Nifty 50 closed at 19,802 level, down 9.85 points or 0.05%. Photographer: Adeel Halim/BloombergPremium
The 30-share BSE Sensex ended lower by 5.43 points or 0.01% at 66,017.81 level while the Nifty 50 closed at 19,802 level, down 9.85 points or 0.05%. Photographer: Adeel Halim/Bloomberg

Stock market today: Domestic benchmark equity indices Sensex and Nifty 50 ended Thursday's session flat. Alongside a surge in US markets, and a decline in crude oil prices, the benchmark equity indices witnessed gains in early trading.

The 30-share BSE Sensex ended lower by 5.43 points or 0.01% at 66,017.81 level while the Nifty 50 closed at 19,802 level, down 9.85 points or 0.05%.

During Thursday's trading, the most buying were made in metal, real estate, oil, and gas stocks; the biggest draggers were IT and pharma stocks.

On the broader market front, the Nifty Midcap 100 closed flat, while the Nifty SmallCap 100 outperformed benchmark indices, and closed 0.70% higher. The fear gauge index, the India VIX closed 4.63% lower on Thursday.

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Global equity markets were mixed  on Thursday. Market will be shut in Japan and US. As per the US stock market holiday list for 2023, the US markets will remain closed on Thursday, November 23, on account of Thanksgiving holiday.

After OPEC decided to postpone its meeting to discuss production cuts until next week, oil prices initially dropped by roughly $1 per barrel, according to an AP news report. Production cuts by the oil cartel have kept the crude oil market tight. Following a decline in oil prices following a summer spike to nearly $100 per barrel, it is anticipated to continue those reductions.

Also Read: Thanksgiving 2023: Is the US market closed on Thursday, November 23 and on Black Friday?

Asia's Shanghai Composite index increased 0.6% to 3,061.86 while Hong Kong's Hang Seng recovered from early losses, rising 1% to 17,910.84. Nikkei closed at 33,451.83, up 0.29%.

The S&P/ASX 200 index in Australia fell 0.6% to 7,029.20. The Kospi in South Korea increased by 0.1% to 2,514.96. Taiwan's Taiex fell 0.1%, and Singapore's FTSE Straits Times Index closed 0.10% lower and settled at 3,111.75. 

"The distinctive near-term trend in the market is the narrowing range of the market. The market is exhibiting resilience within this narrow range movement. Within the range, the buy on dips strategy is working.

The market is waiting for triggers for a breakout, which may come with the state election results. If the state election results confirm political stability after the General elections in 2024, a pre-election rally is likely to begin. The 10-year US bond yield hovering around 4.40 percent and the declining volume of FII selling augurs well for the market," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Top Nifty 50 Gainers and Losers

As many as 25 stocks settled in the green in the Nifty 50 index while the rest 25 ended in red.

Shares of Hero MotoCorp Ltd (up 4.52%), Bajaj Auto Ltd (up 3.14%), Bharat Petroleum Corporation Ltd (up 2.23%), IndusInd Bank Ltd (up 1.13%) and Eicher Motors Ltd (up 1.07%) ended as top gainers. On the other side, Cipla Ltd (down 7.64%), UltraTech Cement Ltd (down 1.77%), SBI Life Insurance Co Ltd (down 1.54%), LTIMindtree Ltd (down 1.50%), and Larsen & Toubro Ltd (down 1.01%) were among the laggards.

Sectoral indices today

On the sectoral front, Nifty Realty, Metal, Oil & Gas, Media, Auto FMCG ended in green with gains in the range of 0.3% to 1%, while pharma and IT ended in red.

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Experts' Views on Markets

According to V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT), benchmark index Nifty 50 and Sensex remain in a small range and pull back is expected. Everything moves with the median even if its “Price".

Both Nifty 50 and Sensex are trading nearly 1% above to its 20 Days EMA that has to fill in the coming days. In consideration of overall price movement closely, Nifty support should be at will be seen at 19730 and 19650 wherein major resistance points will be at 19880,19950. Nifty Bank's key support levels would be around 43330 and 43050. Key Resistance points should be at 43800 and 43970 for tomorrow. 

“Nifty is facing huge resistance at 19850 and again saw selling today after crossing 19850. While Nifty has been consolidating in a short range of 19650-19850 for the past 7 trading sessions, we may soon see a breakout or breakdown with the former more likely. The cooling down of the VIX also points to the same. Banknifty was more bearish compared to Nifty for the past few days due to the RBI risk norm change. Finding support at the 200 DMA yesterday, Banknifty closed in green today. The bulls will have to cross the next resistance which is at 43800 to gain control or else Banknifty will continue its downward march," explained Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy.

Also Read: Rekha Jhunjhunwala portfolio: Titan share price at all time high. Investor's net worth jumps 950 crore in one month

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 23 Nov 2023, 03:31 PM IST
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