Indian benchmark indices opened flat on Wednesday amid mixed global cues, with early gains seen in PSU bank and metal stocks.
At around 9:30 a.m., the Sensex was trading 17.21 points, or 0.02 per cent, higher at 75,318.47, while the Nifty edged up 4.65 points, or 0.02 per cent, to 22,838.95.
The Nifty Bank index rose by 271.95 points, or 0.55 per cent, to 49,586.45. Meanwhile, the Nifty Midcap 100 climbed 477.40 points, or 0.96 per cent, to 49,994.30, and the Nifty Smallcap 100 advanced 137.30 points, or 0.89 per cent, to 15,512.00.
Market analysts noted that after a positive start, Nifty may find support around 22,750, followed by 22,650 and 22,550. On the upside, immediate resistance is expected near 22,950, with further resistance at 23,000 and 23,100 levels.
Commenting on the market trend, Vaishali Parekh, Vice President – Technical Research at PL Capital Group, said, “Sensex, after a long streak of losing sessions, finally showed a strong pullback with a bullish candle formation, closing above the 20 DMA level of 74,500, reflecting improved bias and sentiment.”
Parekh added that a decisive move above the 50 EMA level of 75,920 would strengthen market conviction and could bring stability in the sessions ahead.
In early trade, top gainers from the Sensex pack included Tata Steel, Zomato, IndusInd Bank, Bajaj Finserv, SBI, Bajaj Finance, Adani Ports, Bharti Airtel, and Tata Motors. On the other hand, HCL Tech, TCS, Infosys, Tech Mahindra, Sun Pharma, Maruti Suzuki, ICICI Bank, ITC, and Titan were among the laggards.
Overnight, Wall Street ended lower, with the Dow Jones Industrial Average slipping 0.62 per cent to close at 41,581.31. The S&P 500 fell 1.07 per cent to 5,614.66, and the Nasdaq dropped 1.71 per cent to end at 17,504.12.
In the Asian markets, China was the only major index trading in the red, while markets in Japan, Seoul, Hong Kong, Jakarta, and Bangkok were trading positively.
On the institutional front, after being net sellers for 17 consecutive sessions, foreign institutional investors (FIIs) turned buyers, purchasing equities worth ₹694.57 crore on March 18. Domestic institutional investors (DIIs) also remained bullish, buying shares worth ₹2,534.75 crore on the same day.
—IANS