The Indian stock market began Wednesday’s session on a cautious note, registering minor losses amid mixed global cues and early selling pressure in FMCG and automobile counters.
At 9:26 AM, the BSE Sensex was down by 92.61 points or 0.11 per cent at 81,459.02.
Meanwhile, the NSE Nifty slipped 16.75 points or 0.07 per cent to trade at 24,809.45.
The banking segment showed some strength, with the Nifty Bank gaining 78.15 points or 0.14 per cent to reach 55,430.95.
Broader markets performed better, as the Nifty Midcap 100 rose by 171.55 points or 0.30 per cent to 57,326.05, and the Nifty Smallcap 100 advanced 114.25 points or 0.64 per cent to 17,839.40.
Market experts noted that Nifty had closed lower in a volatile session on Tuesday.
Technically, the level of 24,462 remains key support. If this level holds, the next potential targets are 25,116 and 25,390.
Akshay Chinchalkar, Head of Research at Axis Securities, stated, “On the other hand, should 24,462 break, a ‘rising wedge’ pattern will be activated, with a downside target set near the 23,900-24,000 area.”
Among the Sensex constituents, ITC, Titan, Nestle India, Hindustan Unilever, M&M, and Sun Pharma were trading in the red.
On the other hand, Infosys, Tata Motors, Bharti Airtel, HCL Tech, Bajaj Finance, and NTPC were the leading gainers.
Asian markets were largely positive, with indices in Bangkok, Seoul, China, Jakarta, and Japan trading higher.
Hong Kong was the only market in the region showing a decline.
In the US, Wall Street ended on a strong note in the previous session.
The Dow Jones gained 740.58 points or 1.78 per cent to close at 42,343.65.
The S&P 500 rose 118.72 points or 2.05 per cent to 5,921.54, while the Nasdaq jumped 461.96 points or 2.47 per cent to finish at 19,199.16.
Despite early domestic weakness, analysts pointed out that global sentiment was broadly optimistic on Tuesday.
Foreign institutional investors (FIIs) remained net buyers, indicating sustained interest in Indian equities.
As per exchange data, FIIs bought shares worth Rs 348.45 crore on 27 May, while domestic institutional investors (DIIs) purchased equities worth Rs 10,104.66 crore.
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