Share Market Updates: After maintaining its lead for the last three days, the Indian stock market had a flat start on Friday. Nifty 50 opened at 26,237.5 points, while BSE Sensex started trading slightly higher at 85,791 points.
However, despite a flat start, the benchmark indices kept rising on the support of FMCG, metal and other sector stocks. Shares of companies like Mahindra & Mahindra, Reliance, Hindustan Unilever, Hindalco, Titan, Adani Enterprises were among the top gainers of Nifty.
What is the condition of the global market?
There was mixed trading in Asian markets on Friday. Japan’s Nikkei 225 slipped 0.15 percent at opening, while there was not much change in the topics. South Korea’s Kospi fell 0.61 percent, while Australia’s S&P/ASX 200 was trading slightly higher.
On the other hand, if we talk about Wall Street, Dow Jones futures gained 10 points, while S&P 500 and Nasdaq 100 futures remained just above the flatline. Major US indexes are set to remain in a weak position in November as they are weighed down by a decline in technology stocks amid new concerns over the earnings outlook of artificial intelligence companies. The market remained closed in the US on Thursday due to Thanksgiving and will work in a short session on Friday.
Nifty smallcap index decline
VK Vijayakumar, Chief Investment Strategist, Geojit Investments, said, “Even though Sensex and Nifty touched new highs yesterday, the Nifty Smallcap index is down about 9 per cent from its peak. This underperformance is mainly due to poor earnings growth and high valuations of this segment. “In general, smallcaps are likely to continue to underperform in the short- to medium-term.”
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