The Indian stock market opened on a weaker note on Thursday, tracking negative global cues, with selling pressure observed in the IT and auto sectors during early trade.
At around 9:26 AM, the BSE Sensex was down 726.42 points, or 0.89%, trading at 80,870.21. The NSE Nifty slipped 225 points, or 0.91%, standing at 24,588.45.
The Nifty Bank index declined 336.20 points, or 0.61%, to 54,738.90. Meanwhile, the Nifty Midcap 100 was down by 307.60 points, or 0.54%, at 56,312.00, and the Nifty Smallcap 100 dropped 39.50 points, or 0.23%, trading at 17,509.10.
According to analysts, the market is currently within a consolidation range, and a breakout above or below the recent inside bar pattern could determine the next directional move. On the downside, immediate support for the Nifty lies at 24,600, with stronger support near 24,500. A breach of these levels could trigger further selling and drag the index toward the 24,300–24,000 range.
“On the upside, 24,900 serves as the first resistance level, with 25,000 acting as a key psychological barrier. A decisive move above this could spark a bullish rally toward the 25,200–25,500 zone,” said Mandar Bhojane, equity research analyst at Choice Broking.
Within the Sensex pack, Adani Ports and Tata Steel emerged as the top gainers in early trade. In contrast, IndusInd Bank, Tech Mahindra, Power Grid, HCL Tech, Nestle India, and Hindustan Unilever were among the top losers.
Asian markets mirrored the weak sentiment, with indices in China, Hong Kong, Bangkok, Seoul, and Japan trading in the red. Jakarta was the sole outlier, showing gains.
Global cues remained negative following a sharp sell-off on Wall Street in the previous session. The Dow Jones Industrial Average closed at 41,860.44, down 816.80 points or 1.91%. The S&P 500 shed 95.85 points, or 1.61%, to close at 5,844.61, while the Nasdaq fell 270.07 points, or 1.41%, to end at 18,872.64.
Experts noted that although U.S. markets attempted to recover from early losses, they eventually fell back into negative territory, closing sharply lower amid mounting economic concerns.
Despite the weak sentiment, foreign institutional investors (FIIs) were net buyers on May 21, purchasing equities worth ₹2,201.79 crore. Domestic institutional investors (DIIs) also remained positive, buying equities worth ₹683.77 crore.
(DD News)
