Sensex, Nifty open on lacklustre note as TCS, HDFC Bank trade with cuts
TCS and HDFC Bank.
The BSE Sensex was trading 56 points or 0.08% higher at 71,370. Nifty50 was trading at 21,426, up 8 points or 0.04% at around 9.18 am.
From the Sensex stocks, Nestle India, Sun Pharma, Reliance Industries, NTPC, and Maruti opened in the green, while TCS, HDFC Bank, IndusInd Bank, and Kotak Bank opened in the red.
Among individual stocks, Apollo Tyres opened 7% higher amid a 4.5% block deal in the counter.
Vedanta shares opened 2.4% higher after the company declared a second interim dividend of Rs 11 per share for fiscal 2024.
The record date for the dividend is set at December 27.
Devyani International rose nearly 8% after the India KFC operator entered Thailand with a $129 million deal.
On the sectoral front, Nifty Media fell 0.8%, while Nifty IT declined 0.45%. Nifty Bank, Auto, Financial Services, and Metal also declined.
In the broader market, Nifty Midcap 100 rose 0.2%, while Nifty Smallcap 100 surged 0.4%.
Experts Views
«The market is likely to move into a consolidation phase as the Christmas holidays and the New Year approach. A period of consolidation after the sharp run up of the last two weeks is also desirable since it will make the market healthy,» said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
«Instead of rushing to buy, investors can adopt a strategy of buy on dips.
It would be risky to chase the overvalued mid and small caps which have run up too much, too fast, on retail investor exuberance. Investors can buy high quality large caps on dips.
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