Indian Stock Market Opens Lower on Mixed Global Cues
The Indian stock market opened on a weak note Thursday, weighed down by mixed global cues and selling pressure in auto, metal, and realty sectors during early trade.
Mumbai: The Indian stock market opened on a weak note Thursday, weighed down by mixed global cues and selling pressure in auto, metal, and realty sectors during early trade.
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Benchmark Indices Decline in Early Trade
As of 9:30 am, the BSE Sensex was down by 221.03 points (0.28%) at 79,895.46, while the NSE Nifty slipped by 75.55 points (0.31%) to 24,253.40.
Sectoral and Broader Indices Movement
The Nifty Bank index dropped 152.60 points (0.28%), trading at 55,217.45.
The Nifty Midcap 100 index was slightly lower by 36.70 points (0.07%) at 55,004.40, whereas the Nifty Smallcap 100 saw a marginal gain of 10.85 points (0.06%), trading at 16,980.60.
Market Outlook and Trading Strategy
Market experts noted that the Nifty had extended its winning streak to a seventh straight session on April 23 with strong closing gains. However, volatility is expected today due to rollover activity in April’s F&O contracts.
According to Prashanth Tapse, Senior VP (Research) at Mehta Equities:
“Markets may find support amid the RBI’s benign inflation outlook, renewed FII interest, easing Fed concerns, and improving US-China trade sentiment. Nifty remains bullish above its 200-DMA (24,052) with an upside target of 24,858. Preferred strategy: buy on dips.”
Top Gainers and Losers in Sensex
Top gainers:
- Bajaj Finance
- Bajaj Finserv
- Tata Motors
- Maruti Suzuki
- Hindustan Unilever Limited
- SBI
Top losers:
- Eternal
- Infosys
- HDFC Bank
- Sun Pharma
- ICICI Bank
- TCS
Also Read: Intel Set to Announce Massive Job Cuts Amid Global Tech Layoffs
Global Market Overview
In the previous US trading session, all major indices closed higher:
- Dow Jones gained 1.07%, closing at 39,606.57
- S&P 500 rose 1.67% to 5,375.86
- Nasdaq surged 2.50% to 16,708.05
Asian markets showed mixed sentiment:
- In the green: Japan, Jakarta
- In the red: Seoul, Hong Kong, Bangkok, China
Institutional Activity
On April 23:
- Foreign Institutional Investors (FIIs) bought equities worth ₹3,332.93 crore
- Domestic Institutional Investors (DIIs) sold equities worth ₹1,234.46 crore
Sector Watch: PSU Banks and Railways
Analysts believe the PSU Banking segment may present better entry points if further correction occurs. Meanwhile, Railway stocks are gaining attention but require a clearer technical confirmation before any strong directional move.
