Sensex, Nifty trade higher over sustained foreign inflows

MUMBAI — The Indian equity markets opened with mild gains early on Wednesday amid continuing foreign inflows and strong domestic earnings cues.

As of 9.23 am, Sensex added 122 points, or 0.14 per cent, to reach 84,396, and Nifty gained 50 points, or 0.19 per cent, to settle at 25,985.

Main broad-cap indices performed in line with benchmark indices, as the Nifty Midcap 100 added 0.13 per cent, and the Nifty Smallcap 100 edged up 0.18 per cent.

All sectoral indices traded in the green. Most notable gainers were Nifty consumer durables up 0.79 per cent, auto up 0.63 per cent and metals up 0.41 per cent.

Immediate support for Nifty is placed at 25,700-25,800 zone, while resistance is anchored at 26,000 zone, said market watchers.

Analysts said that continued optimism around the interim India–US trade framework and strong corporate earnings are providing near-term support to domestic equities.

However, with Nifty approaching the key psychological resistance of 26,000, traders may adopt a cautious approach at higher levels, they added.

Asia-Pacific markets traded mostly higher on Wednesday, despite AI-related fears and weak economic data causing losses in the US markets.

The US December retail sales report showed that consumer spending was lower than 0.4 per cent monthly gain expected by economists.

In Asian markets, China's Shanghai index added 0.22, and Shenzhen eased 0.07 per cent, Japan's Nikkei gained 2.28 per cent, and Hong Kong's Hang Seng Index edged up 0.33 per cent. South Korea's Kospi gained 0.87 per cent.

The US markets ended largely in the red overnight as Nasdaq eased 0.59 per cent. The S&P 500 lost 0.33 per cent, and the Dow Jones added 0.1 per cent.

On February 10, foreign institutional investors (FIIs) net bought equities worth Rs 69 crore in India, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 1,174 crore.