Indian Stock Market Opens in Red as IT Stocks Drag

Mumbai: After three consecutive sessions of gains, the Indian stock market opened lower on Thursday amid weak global cues, with early selling pressure in IT and auto sectors.

Market Snapshot: Indices in Early Trade

At around 9:27 AM:

• Sensex was down by 338.13 points or 0.44% at 76,706.16
• Nifty fell 120.75 points or 0.52% to 23,316.45
• Nifty Bank edged up by 62.25 points or 0.12% at 53,180.00
• Nifty Midcap 100 dropped 44.90 points or 0.09% to 52,300.65
• Nifty Smallcap 100 was almost flat, down 1.40 points or 0.01% at 16,347.85

Key Support and Resistance Levels

According to market experts:

• Nifty support: 23,300 → 23,200 → 23,000
• Nifty resistance: 23,500 → 23,600 → 23,800

Derivative Analyst Hardik Matalia from Choice Broking noted:

• Bank Nifty support: 52,800 → 52,500 → 52,300
• Bank Nifty resistance: 53,300 → 53,500 → 53,800

Sectoral Performance: IT and Auto Weigh Heavy

Among Sensex constituents, the top losers included:

• HCL Tech
• Tech Mahindra
• Infosys
• Tata Steel
• TCS
• L&T
• M&M
• Bajaj Finance
• Titan
• Asian Paints
• Nestle India
• Tata Motors

Also Read: What is ITR and Why Filing Income Tax Return Online is Important?

Top gainers were:

• ICICI Bank
• Bharti Airtel
• Sun Pharma
• NTPC
• HDFC Bank

Global Cues: US and Asia Mixed

In the previous trading session on Wall Street:

• Dow Jones fell 1.73% to 39,669.39
• S&P 500 dropped 2.24% to 5,275.70
• Nasdaq declined 3.07% to 16,307.16

In Asian markets:

• Jakarta was trading in red
• Japan, Seoul, China, Bangkok, and Hong Kong were in the green

FII and DII Activity

On April 16:

• Foreign Institutional Investors (FIIs) bought equities worth ₹3,936.42 crore
• Domestic Institutional Investors (DIIs) sold equities worth ₹2,512.77 crore