The Indian stock market opened on a flat note on Wednesday, tracking mixed global cues, with selling pressure observed in the FMCG and auto sectors during early trade.
At 9:26 am, the BSE Sensex was down 92.61 points, or 0.11 per percent, trading at 81,459.02, while the NSE Nifty slipped 16.75 points, or 0.07 per cent, to 24,809.45.
The Nifty Bank index showed slight strength, rising 78.15 points, or 0.14 per percent, to 55,430.95. Meanwhile, broader market indices outperformed, with the Nifty Midcap 100 climbing 171.55 points, or 0.30 per cent, to 57,326.05, and the Nifty Smallcap 100 gaining 114.25 points, or 0.64 per cent, at 17,839.40.
Analysts noted that the Nifty had closed lower in the previous session amid volatility. Technically, the 24,462 mark remains a key support level. If sustained, the index could potentially test resistance levels at 25,116 and 25,390.
“However, if 24,462 is breached, a ‘rising wedge’ pattern could come into play, setting up a downside target in the 23,900–24,000 range,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Among Sensex constituents, ITC, Titan, Nestle India, Hindustan Unilever, M&M, and Sun Pharma were among the top losers in early trade. In contrast, Infosys, Tata Motors, Bharti Airtel, HCL Tech, Bajaj Finance, and NTPC were among the top gainers.
In the broader Asian markets, indices in Bangkok, Seoul, China, Jakarta, and Japan were trading in the green, while only Hong Kong was in negative territory.
U.S. markets ended on a strong note in the previous session. The Dow Jones closed at 42,343.65, gaining 740.58 points, or 1.78 per percent. The S&P 500 rose 118.72 points, or 2.05 per cent, to 5,921.54, while the Nasdaq surged 461.96 points, or 2.47 per cent, to close at 19,199.16.
Despite the cautious domestic opening, foreign institutional investors (FIIs) remained net buyers, reflecting continued confidence in the Indian market. On May 27, FIIs purchased equities worth ₹348.45 crore, while domestic institutional investors (DIIs) made net purchases worth ₹10,104.66 crore.
(DD News)
