Indian Equity Indices Start Lower Amid Banking Sector Pressure

Indian equity markets opened on a cautious note Wednesday, with banking stocks exerting downward pressure on key indices.

As of 9:55 AM, the benchmark Sensex was trading down 228 points or 0.28 percent at 80,123, while the Nifty was down 58 points or 0.24 percent at 24,378.

Banking stocks led the decline, with the Nifty Bank index shedding 261 points or 0.50 percent to trade at 52,307.

In the Sensex basket, major losers included M&M, SBI, Kotak Mahindra Bank, HCL Tech, TCS, JSW Steel, Axis Bank, and Reliance Industries.

Conversely, Maruti Suzuki, NTPC, Titan, Bharti Airtel, Bajaj Finance, and Tata Steel emerged as top gainers.

The broader market indices also reflected the cautious sentiment, with the Nifty Midcap 100 down 85 points or 0.17 percent at 56,976, and the Nifty Smallcap 100 slipping 68 points or 0.36 percent to 18,888.

Sectorally, FMCG, realty, energy, and infra stocks saw marginal gains, while auto, IT, PSU banks, and pharmaceutical sectors traded in the red.

Deven Mehta, Research Analyst at Choice Broking, commented on market dynamics, noting, “Nifty has recently broken above the crucial 24,400 levels and closed at record highs. The immediate support now lies around 24,250-24,300 levels.”

“For traders holding long positions, maintaining a trailing stop loss at 24,250 on a closing basis is advisable,” he advised, adding, “Opportunities for fresh long positions can be considered on market dips, with the mentioned stop loss.”

The market sentiment remains cautious amid ongoing global economic uncertainties and evolving domestic economic indicators, influencing trading patterns across sectors.

Also Read: Indian Economy Sees Surge With 46.6 Million New Jobs In 2023-24: RBI Report