Indian Stock Market Opens Flat with Sensex Above 78,000; Realty Sector Sees Early Gains
The Indian stock market opened flat on Wednesday, with the benchmark indices showing modest movement amid positive global cues. Early trade saw buying interest in the realty sector, contributing to the positive sentiment in the markets.
Mumbai: The Indian stock market opened flat on Wednesday, with the benchmark indices showing modest movement amid positive global cues. Early trade saw buying interest in the realty sector, contributing to the positive sentiment in the markets.
Sensex and Nifty Experience Mild Gains in Early Trade
At around 9:29 AM, the BSE Sensex was trading 78.19 points or 0.10% higher at 78,095.38. Meanwhile, the Nifty 50 index added 46.80 points or 0.20% to reach 23,715.45. The Nifty Bank index saw a rise of 50.35 points or 0.10%, reaching 51,658.30.
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The Nifty Midcap 100 index also traded in positive territory, adding 112.50 points or 0.22% to reach 52,082.25. On the other hand, the Nifty Smallcap 100 index dipped slightly by 19.95 points or 0.12%, reaching 16,088.95.
Nifty Faces Resistance at Previous Highs
Market analysts noted that Nifty tried to break above its previous high of 23,807 but could not sustain the level. According to Vikram Kasat, Head-Advisory at PL Capital, the hourly high of 23,869 will be a crucial level to watch in the near term. He stated that if Nifty closes above 23,869, it could push higher toward 24,220. Kasat further mentioned that the overall trend remains bullish as long as Nifty trades above the 40HEMA level of 23,323.
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Sectoral Performance and Top Gainers
In the Sensex pack, stocks such as PowerGrid, Bajaj Finserv, M&M, Bajaj Finance, Bharti Airtel, IndusInd Bank, Tata Motors, and ICICI Bank emerged as top gainers in early trade. However, stocks like Zomato, UltraTech Cement, Titan, Maruti Suzuki, Asian Paints, Kotak Mahindra Bank, and Hindustan Unilever Limited were among the top losers.
Global Market Overview
In global markets, the US stock indices showed mixed results in the previous trading session. The Dow Jones gained 0.01% to close at 42,587.50, while the S&P 500 climbed 0.16% to 5,776.65, and the Nasdaq rose 0.46% to 18,271.86.
Experts suggest that US investors were largely unfazed by the latest drop in consumer confidence, with many instead focusing on comments from Federal Reserve officials, who indicated they were not concerned about the economic situation yet.
Asian markets also traded in the green, with major indices from Hong Kong, China, Japan, Seoul, Jakarta, and Bangkok showing positive momentum.
Foreign and Domestic Institutional Activity
Regarding institutional activity, Foreign Institutional Investors (FIIs) purchased equities worth Rs 5,371.57 crore on March 25, while Domestic Institutional Investors (DIIs) sold equities worth Rs 2,768.87 crore on the same day.
As the market remains positive amid global cues, investors will be keen to see whether the Indian stock indices can maintain their upward trajectory or face resistance in the coming sessions.
