Business

Indian Stock Market Opens Lower, Pharma Stocks Drag

The Indian benchmark indices opened lower on Wednesday amid mixed global cues as selling was seen in the pharma and IT sectors in the early trade. At around 9.31 am, Sensex was trading 271.06 points or 0.36 per cent down at 75,696.33 while the Nifty declined 88 points or 0.38 per cent at 22,857.30.

Nifty Bank was down 243.90 points or 0.50 per cent at 48,843.40. Nifty Midcap 100 index was trading at 49,366.90 after declining 384.55 points or 0.77 per cent.

Nifty Smallcap 100 index was at 15,093.70 after dropping 74.75 points or 0.49 per cent. On the technical front, a base appears to be forming around the 22800–22700 zone, aligning with the lower boundary of a Falling Wedge pattern, according to market watchers. “Strong support is evident at every 100-point interval, with key levels at 22600–22500, coinciding with the 127 per cent retracement of the early February rebound,” said Sameet Chavan of Angel One. “Given the recent price action, traders are advised to continue with a buy-on-dips approach,” he added.

Meanwhile, in the Sensex pack, Sun Pharma, Tech Mahindra, TCS, M&M, PowerGrid, ICICI Bank, Zomato, Infosys and Hindustan Unilever were the top losers.

Whereas, NTPC, Tata Steel, Tata Motors, Kotak Mahindra Bank, L&T and SBI were the top gainers. In the last trading session, Dow Jones gained 0.02 per cent to close at 44,556.34. The S&P 500 added 0.24 per cent to 6,129.58 and the Nasdaq climbed 0.07 per cent to close at 20,041.26. In the Asian markets, Seoul and China were trading in the green.

Whereas Bangkok, Japan, Jakarta and Hong Kong were trading in red. On the institutional front, after being net sellers for the past nine sessions, Foreign institutional investors (FIIs) turned buyers, purchasing equities worth Rs 4,786.56 crores on February 18.

Meanwhile, Domestic institutional investors (DIIs) extended their buying streak for the 10th consecutive session, acquiring equities worth Rs 3,072.19 crores on the same day.

Also Read: Shankaracharya Swami Sadanand Saraswati Lauds Adani Group For Service At Maha Kumbh

IANS

Recent Posts

Lok Sabha To Hold Eight-Hour Debate On Waqf Amendment Bill Amid Opposition Pushback

The Lok Sabha will take up the Waqf (Amendment) Bill for discussion on April 2,…

4 hours ago

India’s GST Collections Surge 9.9% To Rs 1.96 Lakh Crore In March

India's Goods and Services Tax (GST) collections rose by 9.9 per cent to Rs 1.96…

6 hours ago

What Happens When You Drink Coconut Water Daily For A Month?

Drinking coconut water daily for a month can significantly improve hydration, digestion, and overall health.

7 hours ago

METAPLASIA 2025: Where Sports Meet Transformation

The METAPLASIA 2025 Sports Fest at the New Chandigarh campus witnessed thrilling competitions in cricket,…

8 hours ago

Indian Railways Achieves Record Freight Loading & Revenue In Fiscal 2025

Indian Railways achieved record freight and revenue in 2025, surpassing the US in cargo transport…

8 hours ago

German Tourist Calls Delhi Metro ‘Better Than London Tube’ In Viral Post

German traveler Alex Welder praised the metro systems in Delhi and Agra, calling them 'better…

8 hours ago