The domestic benchmark indices opened flat on Wednesday, tracking positive global cues, with early buying activity seen in the realty sector.
At around 9:29 am, the Sensex was trading 78.19 points, or 0.10 per cent higher, at 78,095.38, while the Nifty gained 46.80 points, or 0.20 per cent, to reach 23,715.45.
The Nifty Bank index was up 50.35 points, or 0.10 per cent, at 51,658.30. Meanwhile, the Nifty Midcap 100 index rose by 112.50 points, or 0.22 per cent, to trade at 52,082.25, while the Nifty Smallcap 100 index was at 16,088.95, down 19.95 points, or 0.12 per cent.
According to market watchers, the Nifty attempted to break above the previous high of 23,807 but failed to sustain above this level.
“The hourly high of 23,869 will be an important swing high in the near term. A close above 23,869 could push the Nifty higher to 24,220. The overall trend remains bullish as the Nifty is trading above the 40-HEMA level of 23,323,” said Vikram Kasat, Head-Advisory, PL Capital.
In the Sensex pack, PowerGrid, Bajaj Finserv, M&M, Bajaj Finance, Bharti Airtel, IndusInd Bank, Tata Motors, and ICICI Bank were the top gainers. On the other hand, Zomato, UltraTech Cement, Titan, Maruti Suzuki, Asian Paints, Kotak Mahindra Bank, and Hindustan Unilever Limited were the top losers.
In the previous trading session, the Dow Jones Industrial Average in the US added 0.01 per cent to close at 42,587.50. The S&P 500 gained 0.16 per cent to settle at 5,776.65, while the Nasdaq advanced 0.46 per cent to close at 18,271.86.
According to experts, US investors shrugged off concerns over declining consumer confidence, instead focusing on remarks from Federal Reserve officials who indicated they were not overly concerned about the economic outlook.
“Consumers were already expected to slow down in early 2025 after a strong end to last year, but these figures increase the risk of a more pronounced pause in spending,” they added.
In Asian markets, Hong Kong, China, Japan, Seoul, Jakarta, and Bangkok were trading in positive territory.
On the institutional front, Foreign Institutional Investors (FIIs) purchased equities worth Rs 5,371.57 crore on March 25, while Domestic Institutional Investors (DIIs) sold equities worth Rs 2,768.87 crore on the same day.
-IANS