Mumbai: The Indian stock market opened flat on Wednesday as geopolitical tensions and mixed global signals kept investors cautious. Early trading hours saw selling pressure in PSU banks and financial services, dampening the market’s momentum.
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Sensex and Nifty Struggle to Gain Momentum
As of 9:32 AM, the BSE Sensex was down by 7.72 points or 0.01% at 80,280.66, while the Nifty 50 edged up by 1 point or 0.00%, standing at 24,336.95.
- Nifty Bank fell by 197.50 points or 0.36% to 55,193.75
- Nifty Midcap 100 dropped by 231.95 points or 0.42%, trading at 54,356.00
- Nifty Smallcap 100 lost 136.30 points or 0.81%, at 16,602.40
Key Support and Resistance Levels for Nifty and Bank Nifty
Analysts suggest the Nifty has support levels at 24,200, 24,100, and 24,000, while resistance is expected around 24,400, 24,500, and 24,700.
According to Hardik Matalia of Choice Broking, Bank Nifty may find support at 55,000, 54,700, and 54,400. Resistance levels are pegged at 55,600, 55,900, and 56,200.
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“A decisive breach above the 80,400 resistance zone is needed for Sensex to trigger a breakout,” said Vaishali Parekh, Vice President – Technical Research at PL Capital Group.
Top Gainers and Losers in Sensex
Top Losers:
- Bajaj Finserv
- Bajaj Finance
- IndusInd Bank
- Tata Motors
- SBI
- Tata Steel
Top Gainers:
- HDFC Bank
- Sun Pharma
- Bharti Airtel
- Power Grid
- Hindustan Unilever Limited
Mixed Trends in Asian and US Markets
In Asia, markets were divided:
- China and Seoul were trading in red
- Bangkok, Jakarta, Hong Kong, and Japan were in the green
In the U.S., markets closed positively:
- Dow Jones added 0.75%, ending at 40,527.62
- S&P 500 climbed 0.58% to 5,560.83
- Nasdaq rose 0.55%, closing at 17,461.32
FIIs and DIIs Remain Net Buyers
On April 29:
- Foreign Institutional Investors (FIIs) bought stocks worth ₹2,385.61 crore, marking their 10th consecutive session of net inflows
- Domestic Institutional Investors (DIIs) invested ₹1,369.19 crore, maintaining net buying for a third straight session