Mumbai: Indian stock markets opened on a negative note Tuesday as heavyweight stocks like Infosys, Eternal (Zomato) and Kotak Mahindra Bank pulled down the indices.
By 9:25 a.m., the BSE Sensex had declined 444 points or 0.54% to 81,985, while the NSE Nifty slipped 105 points or 0.42% to 24,817.
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Key Support and Resistance Levels for Nifty
According to market analysts:
- Immediate support levels for Nifty: 24,800, 24,700, and 24,500
- Resistance levels to watch: 25,000, 25,100, and 25,200
These levels will be closely monitored by traders, especially amid ongoing global and domestic uncertainties.
Top Gainers and Losers in Sensex
Top Gainers:
- Sun Pharma
- IndusInd Bank
- Tech Mahindra
- Bajaj Finance
- Maruti Suzuki
- Titan
- HUL
- Axis Bank
Top Losers:
- Infosys
- Eternal (Zomato)
- Tata Steel
- HCL Tech
- Power Grid
- UltraTech Cement
- Asian Paints
- ITC
- NTPC
- HDFC Bank
Sectoral Performance: Mixed Trends
The markets showed sectoral divergence:
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- Major Sectoral Losers:
- Auto
- IT
- Financial Services
- FMCG
- Metals
- Realty
- Media
- Sectoral Gainers:
- PSU Banks
- Pharma
- Realty
- PSE (Public Sector Enterprises)
Midcap and Smallcap Stocks Show Resilience
Despite the broader indices slipping, buying was observed in midcap and smallcap segments:
- Nifty Midcap 100: Up 20 points at 55,437
- Nifty Smallcap 100: Up 38 points at 16,805
Market experts expect continued buyer interest in these segments at lower levels.
Global Market Sentiment Boosts Outlook
- Asian Markets: Mostly positive
- Tokyo, Bangkok, Seoul, Shanghai trading in green
- Hong Kong in the red
- US Markets: Strong close on Monday
- Dow Jones: +2.81%
- Nasdaq: +4.35%
- Investors cheered de-escalation in U.S.-China trade tensions
Institutional Activity: FIIs and DIIs Continue to Buy
- FIIs bought ₹1,246 crore worth of equities on May 13
- DIIs purchased equities worth ₹1,488 crore on the same day
Strong domestic and foreign participation is helping absorb dips and stabilize market breadth.
Expert View: Caution Advised Amid Volatility
Hardik Matalia, Derivative Analyst at Choice Broking, advised:
“Given the current market dynamics, traders should focus on disciplined short-term trading and enforce tight risk management. Large overnight positions should be avoided in the face of global uncertainties.”