On Wednesday morning, the Indian stock market opened flat with a slight uptick in the Sensex and Nifty, supported by positive global cues.
At 9:29 AM, the Sensex was up by 78.19 points or 0.10% at 78,095.38, while the Nifty gained 46.80 points or 0.20%, trading at 23,715.45.
The realty sector emerged as a key driver in early trade with significant buying activity.
The Nifty Bank index saw a rise of 50.35 points or 0.10%, reaching 51,658.30, while the Nifty Midcap 100 index added 112.50 points or 0.22%, bringing its value to 52,082.25.
However, the Nifty Smallcap 100 index declined by 19.95 points or 0.12%, settling at 16,088.95.
Market watchers observed that Nifty made an attempt to break its previous high of 23,807, but could not sustain above it.
Vikram Kasat, Head of Advisory at PL Capital, noted that the hourly high of 23,869 would act as an important resistance level.
A close above this level could push the Nifty higher towards 24,220. The overall trend remains bullish as Nifty is trading above the 40HEMA at 23,323.
In the Sensex pack, PowerGrid, Bajaj Finserv, M&M, Bajaj Finance, Bharti Airtel, IndusInd Bank, Tata Motors, and ICICI Bank were among the top gainers.
On the other hand, Zomato, UltraTech Cement, Titan, Maruti Suzuki, Asian Paints, Kotak Mahindra Bank, and Hindustan Unilever were the top losers in early trade.
Globally, the Dow Jones Industrial Average in the US rose by 0.01%, closing at 42,587.50.
The S&P 500 climbed by 0.16% to 5,776.65, and the Nasdaq saw a 0.46% increase, closing at 18,271.86.
Despite recent challenges in consumer confidence data, US investors have shown resilience, focusing on remarks from Federal Reserve officials expressing little concern for now.
Asian markets showed a positive trend, with markets in Hong Kong, China, Japan, Seoul, Jakarta, and Bangkok all trading in the green.
Foreign Institutional Investors (FIIs) were net buyers of equities, purchasing Rs 5,371.57 crore worth of stocks on March 25.
In contrast, Domestic Institutional Investors (DIIs) were net sellers, offloading equities worth Rs 2,768.87 crore on the same day.
The Indian stock market’s outlook remains positive, supported by favorable global cues and strong institutional investments.
The buying activity in the realty sector and key stocks indicates investor confidence.
The focus will be on Nifty’s ability to break the resistance level of 23,869 and maintain its bullish momentum.
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