Stock Market Opens Higher, Sensex Above 73,300
The Indian stock market opened on a positive note on Wednesday, with the benchmark indices showing a rise despite mixed global cues. Early trade saw significant buying interest in auto, IT, and PSU Bank sectors.
Mumbai: The Indian stock market opened on a positive note on Wednesday, with the benchmark indices showing a rise despite mixed global cues. Early trade saw significant buying interest in auto, IT, and PSU Bank sectors.
At around 9:31 am, the Sensex was up by 358.34 points or 0.49% at 73,348.27, while the Nifty gained 106.40 points or 0.48% to reach 22,189.05.
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The Nifty Bank index was also up by 147.80 points, or 0.31%, at 48,393, while the Nifty Midcap 100 index saw an increase of 329.30 points, or 0.69%, reaching 48,337.15. The Nifty Smallcap 100 index surged by 146.80 points, or 0.99%, to trade at 14,909.40.
Market Sentiment and Expert Analysis
According to market experts, while the Indian market opened higher, it could face some challenges due to ongoing global uncertainties. The U.S. market’s recent performance, along with concerns over escalating trade tensions and a potential economic slowdown, could weigh on investor sentiment.
Prashanth Tapse, Senior Vice President and Research Analyst at Mehta Equities, commented: “The market is grappling with concerns over the impact of Trump’s retaliatory tariff policy amid growing signs of an economic slowdown and persistent U.S. inflation. If Nifty falls below 22,000 on a closing basis, the next major support level will be at 21,281.”
Top Gainers and Losers in Sensex Pack
In early trade, several stocks from the Sensex pack were in the green, with HCL Tech, M&M, PowerGrid, Tech Mahindra, Zomato, Tata Steel, Tata Motors, and ICICI Bank emerging as top gainers. On the other hand, Bajaj Finance, Bajaj Finserv, UltraTech Cement, and HDFC Bank were the major losers during the session.
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Global Market Trends
On the global front, the U.S. stock markets saw a decline in the last session, with the Dow Jones down by 1.55% at 42,520.99, the S&P 500 falling 1.22% to 5,778.15, and the Nasdaq slipping 0.35% to close at 18,285.16.
Asian markets, however, were trading in the positive zone, with stocks in Bangkok, China, Japan, Seoul, Jakarta, and Hong Kong showing gains.
Foreign and Domestic Institutional Activity
Foreign institutional investors (FIIs) continued their selling spree on March 4, offloading equities worth Rs 3,405.82 crore. Meanwhile, domestic institutional investors (DIIs) extended their buying momentum, purchasing equities worth Rs 4,851.43 crore during the same period.
Caution for Traders
Given the ongoing market volatility, traders are advised to be cautious, implement stop-loss strategies, and avoid holding overnight positions. The market remains in a delicate state, and with global cues playing a significant role, investors are advised to stay informed and make decisions based on risk assessment.
