MUMBAI: The Indian stock market opened on a cautious note Wednesday amid weak global cues and sectoral selling, especially in IT and auto stocks.
At around 9:29 am, the BSE Sensex was trading 23.12 points or 0.03% higher at 76,758.01, while the NSE Nifty gained 5.90 points or 0.03% to trade at 23,334.45.
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Bank, Midcap, and Smallcap Indices Show Strength
Despite the flat opening in benchmark indices, select broader market indices showed resilience:
- Nifty Bank rose 258.05 points or 0.49% to 52,637.55
- Nifty Midcap 100 was up 0.33% at 52,148.35
- Nifty Smallcap 100 climbed 0.65% to 16,284.80
Market analysts highlighted that the Nifty has reclaimed its 20, 50, and 100-day moving averages, suggesting bullish momentum in the near term.
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“The next significant resistance for Nifty is at 23,869, aligning with a previous swing high, while 22,900–23,000 remains a key support zone,” said Devarsh Vakil, Head of Prime Research, HDFC Securities.
Top Gainers and Losers in Early Trade
In the Sensex pack:
- Top Gainers: HDFC Bank, IndusInd Bank, Kotak Bank, ICICI Bank, and Axis Bank
- Top Losers: Infosys, Maruti Suzuki, Tech Mahindra, HCL Tech, and Sun Pharma
Global Market Cues Remain Mixed
Overnight in the US, major indices ended slightly lower:
- Dow Jones fell 0.38% to 40,368.96
- S&P 500 slipped 0.17% to 5,396.63
- Nasdaq dipped 0.05% to 16,823.17
Experts noted that tariff uncertainties and pressure on consumer and healthcare stocks contributed to the decline, despite strong bank earnings offering some cushion.
In Asia, the market sentiment was mixed:
- Jakarta traded in green
- Japan, Seoul, China, Bangkok, and Hong Kong remained in red
FII and DII Activity: Foreign Investors Turn Net Buyers
After a nine-day selling streak, Foreign Institutional Investors (FIIs) became net buyers on April 15, purchasing ₹6,065.78 crore worth of equities.
On the other hand, Domestic Institutional Investors (DIIs) sold equities worth ₹1,951.60 crore, turning net sellers after three days of buying.