Sensex, Nifty Open Higher Amid Mixed Global Cues
Indian equity indices opened in the green on Wednesday, bolstered by strong performances from heavyweight stocks like Infosys, ICICI Bank, Tech Mahindra, and Maruti Suzuki. Despite mixed global cues, the market sentiment remained positive at the start of the trading session.
Indian Stock Markets Start Positive with Key Stocks Boosting Sentiment
Mumbai: Indian equity indices opened in the green on Wednesday, bolstered by strong performances from heavyweight stocks like Infosys, ICICI Bank, Tech Mahindra, and Maruti Suzuki. Despite mixed global cues, the market sentiment remained positive at the start of the trading session.
Market Performance at a Glance
At 9:20 am, the BSE Sensex was up by 178 points, or 0.24%, reaching 76,203, while the NSE Nifty rose by 29 points, or 0.13%, to 23,195.
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The market breadth was negative on BSE, with 1,017 shares advancing, 1,533 shares declining, and 127 remaining unchanged. Despite the overall positivity in the major indices, midcap and smallcap stocks faced selling pressure. The Nifty Midcap 100 index was down by 278 points (0.54%) at 50,951, while the Nifty Smallcap 100 index fell by 158 points (0.99%) to 15,824.
Sectoral Trends: Winners and Losers
On the sectoral front, sectors like Auto, IT, financial services, realty, and private banks saw notable gains. On the flip side, FMCG, metal, energy, and infrastructure stocks were major losers in early trading.
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Top Performers in the Sensex Pack
Key gainers in the Sensex index included Infosys, HDFC Bank, Maruti Suzuki, Tech Mahindra, ICICI Bank, Bharti Airtel, M&M, Kotak Mahindra, Axis Bank, Bajaj Finserv, and L&T. In contrast, stocks like Nestle, Power Grid, NTPC, UltraTech Cement, HUL, Tata Motors, HCL Tech, and SBI witnessed losses during early trading hours.
Expert Insights on Market Movements
Hardik Matalia, Derivative Analyst at Choice Broking, suggested that Nifty could find support at 23,100, followed by 23,000 and 22,950 levels. He noted that the immediate resistance on the higher side would be at 23,300, followed by 23,400 and 23,500 levels.
Mixed Global Cues Impact Asian and US Markets
Asian markets showed mixed performance, with Tokyo, Seoul, and Hong Kong markets in the red, while Shanghai and Bangkok markets posted gains. In the US, markets experienced mixed trading, with the Dow Jones index experiencing a slight decline. On the other hand, the Nasdaq, which tracks technology companies, closed 0.87% higher.
Foreign and Domestic Institutional Investments
Foreign institutional investors (FIIs) continued their selling spree for the second consecutive session on April 1, offloading equities worth Rs 5,901 crore. Meanwhile, domestic institutional investors (DIIs) maintained their buying momentum for the third consecutive day, purchasing equities worth Rs 4,322 crore.
Despite mixed global cues, Indian indices opened on a positive note, driven by strong performances from key stocks across various sectors. The market will continue to watch global developments and the FII-DII investment trends for further direction in the coming days.
