Indian stock market opens flat, Nifty above 22,500
Indian stock market opens flat, Nifty above 22,500
The Indian stock market opened almost flat on Thursday, Sensex trading 9.44 points or 0.01 per cent up at 74,592.68 while the Nifty climbed 6.30 points or 0.03 per cent at 22,553.85.
MUMBAI
— The Indian benchmark indices opened almost flat on Thursday amid mixed
global cues, as buying was seen in the financial services and metal sectors in
the early trade.
At around 9.31 am, Sensex was trading 9.44 points or 0.01
per cent up at 74,592.68 while the Nifty climbed 6.30 points or 0.03 per cent
at 22,553.85.
Nifty Bank was up 218.90 points or 0.45 per cent at
48,827.25. The Nifty Midcap 100 index was trading at 49,643 after declining
59.15 points or 0.12 per cent. Nifty Smallcap 100 index was at 15,354.50 after
dropping 54.10 points or 0.35 per cent.
According to experts, after a flat to positive opening,
Nifty can find support at 22,500 followed by 22,400 and 22,300. On the higher
side, 22,700 can be an immediate resistance, followed by 22,800 and 22,900.
"The charts of Bank Nifty indicate that it may get support
at 48,500 followed by 48,200 and 47,900. If the index advances further, 48,800
would be the initial key resistance, followed by 49,200 and 49,500," said
Hardik Matalia, Derivative Analyst of Choice Broking.
Meanwhile, in the Sensex pack, Bajaj Finance, IndusInd Bank,
Bajaj Finserv, M&M, Tata Steel, HDFC Bank, Zomato, Sun Pharma, ICICI
Bank and Bharti Airtel were the top gainers. Whereas, UltraTech Cement, Tech
Mahindra, Asian Paints, Infosys, Axis Bank and Hindustan Unilever Limited were
the top losers.
In the last trading session, Dow Jones declined 0.43 per
cent to close at 43,433.12. The S&P 500 added 0.01 per cent to 5,956.06
and the Nasdaq climbed 0.26 per cent to close at 19,075.26.
In the Asian markets, Seoul, China, Jakarta and Hong Kong
were trading in red. Whereas Bangkok and Japan were trading in green.
The foreign institutional investors (FIIs) continued their
selling on fifth day in a row, as they sold equities worth Rs 3,529.10 crore on
February 25. However, domestic institutional investors (DIIs) bought equities
worth Rs 3,030.78 crore, on the same day.
Tuesday's bounce back was turned lower from the 22620
vicinity itself, pointing towards the feebleness of the recovery attempt. A
parallel consolidation in the last three days does show signs of giving away on
the downside, said Anand James, Chief Market Strategist, Geojit Financial
Services.
"But as maintained all this week, we will wait for
22,950 to be conquered, as a confirmation of strength. Downside marker for the
day may be placed at 22,530, with deeper support seen at 22,300,” he noted.
