Today's stock market performance saw the Sensex and Nifty 50, on a neutral note. Despite an upswing in US markets and a dip in crude oil prices, these benchmarks initially surged in early trading but eventually settled without significant gains.
The 30-share BSE Sensex closed marginally lower at 66,017.81, slipping by 5.43 points or 0.01%. Likewise, the Nifty 50 closed at 19,802, down by 9.85 points or 0.05%.
Metal, real estate, oil, and gas stocks witnessed notable buying activity during the day, while IT and pharmaceutical stocks notably dragged down the indices.
In the broader market scenario, the Nifty Midcap 100 remained unchanged, while the Nifty SmallCap 100 outperformed, closing 0.70% higher. The fear index, India VIX, dipped by 4.63% on Thursday.
Globally, equity markets showed a mixed trend on Thursday. Japan and the US markets remained closed due to the Thanksgiving holiday as per the US stock market holiday list for 2023.
Following OPEC's decision to postpone discussions on production cuts until next week, oil prices initially fell by approximately $1 per barrel. The oil cartel's production cuts have maintained tightness in the crude oil market. Despite a decline in oil prices from a summer peak of nearly $100 per barrel, the expectation is for these reductions to persist.
In Asia, China's Shanghai Composite index surged by 0.6% to 3,061.86, Hong Kong's Hang Seng rebounded from early losses, rising by 1% to 17,910.84, and Japan's Nikkei closed at 33,451.83, up by 0.29%.
Australia's S&P/ASX 200 index fell by 0.6% to 7,029.20. South Korea's Kospi increased by 0.1% to 2,514.96. Taiwan's Taiex saw a 0.1% decline, and Singapore's FTSE Straits Times Index closed 0.10% lower at 3,111.75.
A distinct near-term trend observed in the market is its narrowed trading range, showcasing resilience within this confined movement. Within this range, the 'buy on dips' strategy continues to be effective.
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