The Indian stock market opened on a flat note on Thursday, reflecting mixed global cues, with early buying interest observed in the financial services and metal sectors.
By 9:31 AM, the BSE Sensex was marginally up by 9.44 points or 0.01%, trading at 74,592.68, while the Nifty 50 inched higher by 6.30 points or 0.03% to reach 22,553.85.
Among the sectoral indices, Nifty Bank gained 218.90 points or 0.45%, reaching 48,827.25. The Nifty Midcap 100 index slipped 59.15 points or 0.12% to 49,643, while the Nifty Smallcap 100 index dropped 54.10 points or 0.35%, settling at 15,354.50.
Market analysts suggest that Nifty is likely to find support at 22,500, followed by 22,400 and 22,300, while resistance levels are expected at 22,700, 22,800, and 22,900. For Bank Nifty, support is seen at 48,500, 48,200, and 47,900, whereas the index may face resistance at 48,800, 49,200, and 49,500, according to Hardik Matalia, Derivative Analyst at Choice Broking.
Among the top gainers in the Sensex pack were Bajaj Finance, IndusInd Bank, Bajaj Finserv, M&M, Tata Steel, HDFC Bank, Zomato, Sun Pharma, ICICI Bank, and Bharti Airtel. On the losing side, UltraTech Cement, Tech Mahindra, Asian Paints, Infosys, Axis Bank, and Hindustan Unilever Limited saw declines in early trade.
The global market trends remained mixed, with Dow Jones falling 0.43% to 43,433.12, while the S&P 500 edged up by 0.01% to 5,956.06 and the Nasdaq gained 0.26%, closing at 19,075.26. In Asian markets, Seoul, China, Jakarta, and Hong Kong were trading lower, whereas Bangkok and Japan were in positive territory.
Foreign Institutional Investors (FIIs) continued their selling spree for the fifth consecutive day, offloading equities worth Rs 3,529.10 crore on February 25. However, Domestic Institutional Investors (DIIs) provided some support by purchasing equities worth Rs 3,030.78 crore.
Despite Tuesday’s rebound, the market struggled to sustain gains and reversed lower from the 22,620 level, indicating weakness in recovery efforts. Anand James, Chief Market Strategist at Geojit Financial Services, noted that the ongoing consolidation over the past three days suggests a potential downward move. However, he maintained that a break above 22,950 would confirm strength, while 22,530 remains the immediate downside marker, with deeper support at 22,300.
-IANS