Indian Stock Market Opens Flat as FIIs Resume Buying
The Indian stock market opened on a flat note on Wednesday, reflecting mixed global cues. Early trade saw buying activity in PSU banks and metal sectors, providing some support to the indices.
Mumbai: The Indian stock market opened on a flat note on Wednesday, reflecting mixed global cues. Early trade saw buying activity in PSU banks and metal sectors, providing some support to the indices.
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Sensex and Nifty Trade Flat in Early Session
At 9:30 AM, the market indices showed minimal movement:
- Sensex was up 17.21 points or 0.02% at 75,318.47.
- Nifty added 4.65 points or 0.02% to reach 22,838.95.
- Nifty Bank rose 271.95 points or 0.55% to 49,586.45.
- Nifty Midcap 100 gained 477.40 points or 0.96% to 49,994.30.
- Nifty Smallcap 100 climbed 137.30 points or 0.89% to 15,512.00.
Key Support and Resistance Levels for Nifty
Market analysts suggest the following levels for Nifty:
- Support levels: 22,750, 22,650, 22,550.
- Resistance levels: 22,950, 23,000, 23,100.
According to Vaishali Parekh, Vice President – Technical Research, PL Capital Group, Sensex has finally shown a strong pullback after multiple losing sessions, closing above the 20 DMA level of 74,500.
“A decisive breach above the 50 EMA level of 75,920 will confirm stability in the coming sessions,” said Parekh.
Top Gainers and Losers in Sensex Pack
Top Gainers:
- Tata Steel
- Zomato
- IndusInd Bank
- Bajaj Finserv
- SBI
- Bajaj Finance
- Adani Ports
- Bharti Airtel
- Tata Motors
Top Losers:
- HCL Tech
- TCS
- Infosys
- Tech Mahindra
- Sun Pharma
- Maruti Suzuki
- ICICI Bank
- ITC
- Titan
Global Market Trends
Wall Street Performance (Last Trading Session):
- Dow Jones: Down 0.62%, closing at 41,581.31.
- S&P 500: Declined 1.07%, closing at 5,614.66.
- Nasdaq: Dropped 1.71%, closing at 17,504.12.
Asian Markets Performance:
- China was the only market trading in red.
- Japan, Seoul, Hong Kong, Jakarta, and Bangkok were trading in green.
FIIs and DIIs Buying Activity
After being net sellers for 17 consecutive sessions, Foreign Institutional Investors (FIIs) resumed buying on March 18, purchasing equities worth ₹694.57 crore.
Similarly, Domestic Institutional Investors (DIIs) continued their strong buying streak, acquiring equities worth ₹2,534.75 crore.
