Indian Markets Open Flat Amid Mixed Global Cues And Geopolitical Tensions

Indian stock markets opened flat on Wednesday, responding to mixed global cues and rising geopolitical tensions.

Selling pressure was evident in the PSU bank and financial service sectors during early trade.

At around 9:32 am, the BSE Sensex was trading at 80,280.66, down by 7.72 points or 0.01%, while the Nifty index climbed by just 1 point, reaching 24,336.95, showing minimal change.

Sectoral Performance And Market Movements

The Nifty Bank index fell by 197.50 points, or 0.36%, settling at 55,193.75. Meanwhile, the Nifty Midcap 100 index dropped 231.95 points, or 0.42%, to 54,356.00.

The Nifty Smallcap 100 index also witnessed a decline, down by 136.30 points, or 0.81%, to 16,602.40.

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Market analysts noted that Nifty may find support at the 24,200 level, with further support levels at 24,100 and 24,000.

On the upside, the immediate resistance for the index is seen at 24,400, followed by 24,500 and 24,700.

Bank Nifty Shows Support Levels At 55,000

Technical experts also pointed out key levels for the Bank Nifty index.

Hardik Matalia from Choice Broking mentioned that Bank Nifty might find support at 55,000, followed by 54,700 and 54,400.

If the index advances, 55,600 would be the initial resistance, with 55,900 and 56,200 forming further resistance levels.

Sensex And Nifty Outlook

Although Sensex opened positively, it quickly lost momentum and hovered near the 80,300 level, maintaining a generally positive bias.

Technical experts, including Vaishali Parekh, Vice President of Technical Research at PL Capital Group, explained that the index would need to decisively break the resistance at the 80,400 level for a breakout, with crucial support placed at the 79,100 level (200-period moving average).

For the Nifty index, Parekh indicated that the support for the day is at 24,200, while the resistance is seen at 24,500.

Within the Sensex pack, the top losers included Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tata Motors, Eternal, SBI, and Tata Steel. Conversely, HDFC Bank, Sun Pharma, Bharti Airtel, Power Grid, and Hindustan Unilever Limited were among the top gainers.

Global Market Trends

In the Asian markets, China and Seoul were in the red, while markets in Bangkok, Jakarta, Hong Kong, and Japan traded in positive territory.

On the US front, the Dow Jones Industrial Average rose 0.75%, closing at 40,527.62. The S&P 500 increased by 0.58%, closing at 5,560.83, while the Nasdaq added 0.55%, finishing at 17,461.32.

Foreign institutional investors (FIIs) maintained their positive stance, marking their tenth consecutive session of inflows with Rs 2,385.61 crore on April 29.

Similarly, domestic institutional investors (DIIs) continued their buying trend, recording their third consecutive session of inflows with Rs 1,369.19 crore on the same day.