Indian stock market opened flat
Mumbai: Indian stock markets opened flat on Wednesday amid mixed global cues and geopolitical tensions. Selling was seen in PSU banks and financial services sectors in early trade. At around 9.32 am, the Sensex was trading 7.72 points or 0.01 per cent lower at 80,280.66, while the Nifty was up 1 point or 0.00 per cent at 24,336.95.
The Nifty Bank was down 197.50 points or 0.36 per cent at 55,193.75. The Nifty Midcap 100 index was down 231.95 points or 0.42 per cent at 54,356.00. The Nifty Smallcap 100 index was down 136.30 points or 0.81 per cent at 16,602.40.
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According to analysts, Nifty may find support at 24,000, 24,100 and 24,200 levels. On the upside, 24,400 may be the immediate resistance, followed by resistance at 24,500 and 24,700 levels. Hardik Matalia of Choice Broking said, “Bank Nifty charts indicate that the index may find support at 55,000 level, before finding support at 54,700 and 54,400. If the index moves further up, 55,600 will be the initial key resistance, followed by resistance at 55,900 and 56,200.” Indian traders expect good business on Akshaya Tritiya: CAIT
According to experts, the Sensex opened on a positive note but once again it remained around the 80,300 level and the trend still remains positive. Vaishali Parekh, Vice President, Technical Research, PL Capital Group, said, “As mentioned earlier, the index has to move above the resistance zone of 80,400 level for a breakout to expect further gains in the coming days. There is crucial support near the 200 period MA at 79,100 level, which needs to be maintained.”
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She further added, “Support for Nifty is seen at 24,200 level, while resistance is seen at 24,500 level.” Meanwhile, Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tata Motors, Eternal, SBI and Tata Steel were the top losers in the Sensex pack. HDFC Bank, Sun Pharma, Bharti Airtel, Power Grid and Hindustan Unilever Limited were the top gainers.
In Asian markets, China and Seoul were trading in the red, while Bangkok, Jakarta, Hong Kong and Japan markets were trading in the green. In the US markets, the Dow Jones closed 0.75 per cent higher at 40,527.62 in the last trading session. The S&P 500 index rose 0.58 per cent to close at 5,560.83 and the Nasdaq closed 0.55 per cent higher at 17,461.32.
On the institutional front, foreign institutional investors (FIIs) continued to remain net buyers, registering their tenth consecutive session of inflows with Rs 2,385.61 crore on April 29. Domestic institutional investors (DIIs) also remained net buyers, registering their third consecutive session of inflows with Rs 1,369.19 crore on the same day.
