Review of the Stock Market: Sensex, Nifty End Flat; Learn About Sector Performances, Worldwide Trends
The performance of the Sensex and Nifty 50 on the stock market today was neutral. These benchmarks soared in early trading but finished without substantial gains despite an upsurge in US markets and a decline in crude oil prices.
The 30-share BSE Sensex ended the day just under 0.01%, or 5.43 points, lower at 66,017.81. Similarly, the Nifty 50 ended the day at 19,802, down 0.05%, or 9.85 points.
Throughout the day, there was noticeable purchasing activity in the stocks of metals, real estate, oil, and gas, while the indices were noticeably driven down by the stocks of IT and pharmaceuticals.
The Nifty SmallCap 100 outperformed in the overall market scenario, closing 0.70% higher, while the Nifty Midcap 100 stayed constant. On Thursday, the India VIX, a measure of fear, fell by 4.63%.
Equities markets throughout the world displayed a mixed trend on Thursday. According to the US stock market holiday list for 2023, markets in Japan and the US were closed on Thanksgiving.
When OPEC decided to wait until next week to discuss output curbs, oil prices initially dropped by about $1 per barrel. The crude oil market has remained tight due to the oil cartel's production restrictions. Even though oil prices have dropped from their summer peak of about $100 per barrel, these cuts are expected to continue.
Asia's major indexes saw gains of 0.6% to 3,061.86 for China's Shanghai Composite, 1% to 17,910.84 for Hong Kong's Hang Seng, and 0.29% to 33,451.83 for Japan's Nikkei.
Australia's S&P/ASX 200 index dropped to 7,029.20, a 0.6% decrease. The Kospi in South Korea rose by 0.1% to 2,514.96. Singapore's FTSE Straits Times Index closed 0.10% lower at 3,111.75, while Taiwan's Taiex experienced a 0.1% loss.
The market's reduced trading range, which shows resiliency within this constrained movement, is a clear near-term trend. The 'buy on dips' approach is still useful inside this range.
