Indian Markets Flat At The Open; IT Stocks Gain On Wall Street Cues

Indian equity markets traded flat with a positive bias in early deals on Thursday, led by gains in IT stocks tracking overnight strength on Wall Street.

At 9:25 AM, the BSE Sensex rose 58 points, or 0.07 per cent, to 82,334, while the Nifty 50 gained 15 points, or 0.06 per cent, to 25,498.

Broader markets showed a mixed trend. The Nifty Midcap 100 advanced 0.22 per cent, whereas the Nifty Smallcap 100 slipped 0.08 per cent.

Sectoral indices traded mixed, with Nifty PSU Bank and IT emerging as top gainers, rising 1.13 per cent and 1.01 per cent, respectively. In contrast, Nifty FMCG and Realty declined 0.27 per cent and 0.46 per cent.

Analysts said positive momentum in the US and European markets, easing volatility, and continued domestic institutional buying are likely to provide near-term stability, although Nifty may remain within a broader consolidation band.

The Nifty has immediate support at 25,250, with resistance at 25,650. For Bank Nifty, support is seen in the 60,700–60,800 range, while resistance is pegged at 61,300–61,400.

In Asia, China’s Shanghai index eased 0.08 per cent, while Shenzhen gained 0.28 per cent. Japan’s Nikkei rose 0.31 per cent, Hong Kong’s Hang Seng fell 0.43 per cent, and South Korea’s Kospi surged 2.21 per cent.

US markets ended higher overnight, with the Nasdaq up 1.26 per cent, the S&P 500 gaining 0.81 per cent, and the Dow Jones advancing 0.63 per cent.

On February 25, foreign institutional investors net sold equities worth Rs 2,991 crore, while domestic institutional investors net bought Rs 5,119 crore.

FIIs reduced long positions by 1,314 contracts and short positions by 2,904 contracts, remaining net bullish by 1,590 contracts.

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