Indian stock market showed sluggishness on Thursday morning. Sensex and Nifty opened with a slight decline. The market remained under pressure due to selling in IT and banking stocks, while the metal sector registered gains. Hopes among investors increased due to falling inflation.
Stock Market Update: Indian stock market witnessed a slight decline on Thursday morning. After three consecutive days of gains, investors adopted a cautious approach, leading to sluggishness in both the Sensex and Nifty. Selling in IT and private banking stocks put a brake on the market's momentum during early trading.
Key Indices Open with Sluggish Start
By 9:15 AM, the Sensex was down 94.43 points at 84,372.08. Meanwhile, the Nifty was trading down 31.80 points at the 25,844 level. Sectoral trends in the market were mixed. The metal sector remained b, while IT and private banking stocks showed pressure.
IT and Banking Stocks Pulled the Market Down
The IT index registered a decline of 0.34 percent. The Nifty Private Bank index slipped 1.17 percent, weakening the overall market sentiment. In contrast, the Nifty Metal index rose 0.91 percent and led the gains. The Media index also saw a strength of 0.43 percent. However, slight declines were recorded in the Auto, Oil & Gas, and Consumer Durables sectors.
Mixed Trends in Other Sectors
No significant movement was observed in the Nifty Bank, Energy, FMCG, Infra, Pharma, PSU Bank, and Realty indices. These sectors traded mostly flat. Meanwhile, India VIX fell 3 percent to 11.75, indicating a lack of panic in the market at the moment.
Investor Hopes Rise as Inflation Declines
In October, the country's retail inflation rate fell to 0.25 percent, the lowest level since the inception of this series in 2013. Experts suggest that this drop in inflation raises expectations that the RBI might further cut interest rates in its December meeting.
