Indian equity indices opened on a flat note on Tuesday amid mixed global cues and ongoing geopolitical tensions.
At 9:18 am, the Sensex was down 11 points at 80,785, while the Nifty declined 8 points to trade at 24,452.
Selling pressure was witnessed in the broader markets. The Nifty Midcap 100 index dropped 126 points, or 0.23 per cent, to 54,548, while the Nifty Smallcap 100 index fell 61 points, or 0.37 per cent, to 16,547.
From a technical standpoint, the Nifty 50 continues to trade within a narrow consolidation range, forming a neutral candlestick pattern on the daily chart, experts noted.
“A decisive move above 24,500 could pave the way for an up move towards 24,700 and 24,800. On the downside, support is seen at 24,200 and 24,000, where traders may find buying opportunities on dips,” said Mandar Bhojane of Choice Broking.
On the sectoral front, auto, FMCG, and private banks were among the top gainers. Pharma, realty, and media stocks underperformed.
In the Sensex pack, M&M, Bharti Airtel, Bajaj Finserv, HUL, Nestle, Tata Steel, Axis Bank, L&T, IndusInd Bank, and ITC were the major gainers. On the other hand, Sun Pharma, Tata Motors, Titan, Eicher Motors, SBI, TCS, Bajaj Finance, and UltraTech Cement were among the top losers.
Most Asian stock markets were trading in the green. Shanghai and Hong Kong registered gains as optimism around potential US-China trade talks lifted investor sentiment.
Markets in Japan and South Korea remained closed for public holidays. Meanwhile, US markets ended in the red in the previous session.
On the institutional side, foreign institutional investors (FIIs) continued their buying streak on May 5, with net equity purchases worth ₹497 crore. Domestic institutional investors (DIIs) also remained strong buyers, investing ₹2,788 crore.
This sustained inflow from both domestic and foreign investors indicates underlying market confidence despite global uncertainties, experts said.
(DD News)
