The Indian stock market opened on a flat note on Friday, showing limited reaction to the U.S. Federal Reserve's second consecutive rate cut. Early trade saw pressure on sectors including auto, PSU banks, media, and oil and gas.

The Sensex index was trading at 79,522.39, down by 19.40 points, or 0.02 percent. Similarly, the Nifty index stood at 24,179.85, slipping by 19.50 points, or 0.08 percent. Market sentiment remained broadly negative as selling pressure persisted across several sectors. On the National Stock Exchange (NSE), 746 stocks traded in the green, while 1,463 stocks were in the red.

The Nifty Bank index dropped to 51,897.05, down by 19.45 points, or 0.04 percent. However, the Nifty Midcap 100 index saw a slight uptick to 57,116.50, gaining 7.35 points or 0.01 percent, while the Nifty Smallcap 100 index fell to 18,749.75, down by 14.10 points or 0.08 percent.

Top laggards in the Sensex included Tata Motors, Reliance, ICICI Bank, Asian Paints, Maruti, and NTPC. On the other hand, Infosys, Tech Mahindra, HDFC Bank, HCL Tech, Titan, and Kotak Mahindra Bank were among the top gainers.

Market analysts noted that the Nifty erased gains from the previous session, closing near 24,200, as global markets displayed mixed reactions to the U.S. Fed's rate cut announcement. The continued selling by foreign institutional investors (FIIs) also added to market pressure.

In Asian markets, most indices except Shanghai and Hong Kong were trading in the green, with gains in Jakarta, Tokyo, Seoul, and Bangkok. Meanwhile, U.S. stock markets had closed in the red in the prior session.

FIIs sold equities worth ₹4,888 crore on November 7, while domestic institutional investors purchased shares totaling ₹1,786 crore.

Axis Securities' Head of Research, Akshay Chinchalkar, highlighted the formation of a bearish engulfing pattern on the Nifty, which fell 1.2 percent on Thursday. He observed, "Market breadth was heavily skewed, with nine stocks declining for every stock that rose. The resistance around 24,541-24,560 has become a significant barrier."

Chinchalkar added that unless Nifty climbs above this resistance and holds support at 23,800, a range-bound trend is likely to persist. Derivative trading patterns in Nifty options also indicate a continued bearish outlook for the near term.