Indian equity markets opened nearly flat on Wednesday, continuing their consolidation trend as sectoral performance remained mixed. The Sensex rose by 59 points to 82,451 and the Nifty 50 was up 18.55 points at 25,122 in early trade.
Gains were led by sectors such as oil and gas and metals, while FMCG and PSU banks traded lower. On the National Stock Exchange, out of 15 sectoral indices, 11 were in the green, two were down, and two remained flat as of 9:25 am. The Nifty Media index led the gains.
Stocks such as JSW Steel, Cipla, NTPC and Tech Mahindra were among the top gainers on the Nifty, while Grasim Industries, Shriram Finance, Asian Paints, L&T, and Titan Company recorded losses. The BSE Midcap and Smallcap indices were up by 0.3 percent each.
According to analysts, the market is likely to stay within a consolidation range with a slight upward bias. A decisive move above the 25,100 mark on the Nifty will require sustained institutional buying, potentially triggered by developments in global trade talks.
“In the near-term the market will respond to news regarding the trade negotiations. If there is a clear agreement, the market will respond positively and there is a high probability of Nifty breaking above 25,100 and remaining above this level,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He added that while liquidity could support a mild rally, a stronger uptrend would require support from corporate earnings, which have yet to show signs of significant recovery.
Foreign institutional investors (FIIs) continued their buying streak for a third straight session, with net purchases of ₹2,301 crore on June 10. Domestic institutional investors (DIIs) maintained a positive outlook for the 16th consecutive session, investing ₹1,113 crore.
This steady institutional inflow reflects ongoing confidence in the domestic market, providing support amid global uncertainties.
In the US, markets traded sideways for much of Tuesday but ended higher, with the S&P 500 rising 0.6 percent, bringing it within 1.7 percent of its record close from February 2020. Reports also suggest that US Treasury Secretary Scott Bessent may be under consideration to succeed Federal Reserve Chair Jerome Powell.
-IANS