The Indian benchmark indices opened higher on Wednesday amid positive global cues, with buying seen in the IT and auto sectors during early trade.
At around 9:23 am, the Sensex was trading 225.5 points or 0.27 per cent higher at 83,922.79, while the Nifty added 58.75 points or 0.23 per cent to reach 25,600.55.
According to analysts, after breaking out of the 24,500–25,000 range, the Nifty has moved into a new range of 25,200–25,800.
Positive news about a possible trade deal between India and the US could help the index break the upper limit of this range, but sustaining the Nifty at higher levels may prove challenging, they added.
Nifty Bank was down 45.20 points or 0.08 per cent at 57,414.25 in early trade. The Nifty Midcap 100 index was trading at 59,809.25 after gaining 59.20 points or 0.25 per cent. The Nifty Smallcap 100 index was at 19,082.10 after rising 26.40 points or 0.14 per cent.
“The charts of Bank Nifty indicate that it may find support at 57,300, followed by 57,000 and 56,800. If the index advances further, 57,650 would be the initial key resistance, followed by 57,800 and 58,000,” said Hardik Matalia, Derivatives Analyst at Choice Broking.
In the Sensex pack, Infosys, Tech Mahindra, ICICI Bank, TCS, Tata Steel, Bharti Airtel, HCL Tech and Adani Ports were the top gainers. Asian Paints, HDFC Bank, BEL and Eternal were among the top losers.
Foreign institutional investors (FIIs) extended their selling on July 1, offloading equities worth Rs 1,970.14 crore, while domestic institutional investors (DIIs) continued their buying, purchasing equities worth Rs 771.08 crore on the same day.
In Asian markets, Bangkok, China, Japan, Seoul and Jakarta were trading in the red, while only Hong Kong was trading in the green.
In the previous trading session, the Dow Jones in the US closed at 44,494.94, up 400.17 points or 0.91 per cent. The S&P 500 ended with a loss of 6.90 points or 0.11 per cent at 6,198.05, while the Nasdaq closed at 20,202.89, down 166.85 points or 0.82 per cent.
–IANS