Business

Market Opens Flat Following Mixed Global Cues; Financial & Metal Stocks Gain

The Indian stock market opened almost unchanged on Thursday, reflecting mixed global trends. Early trade saw buying interest in financial services and metal stocks.

At 9:31 AM, the Sensex edged up 9.44 points or 0.01% to 74,592.68, while the Nifty rose 6.30 points or 0.03% to 22,553.85.

Nifty Bank rose 218.90 points (0.45%) to 48,827.25. The Nifty Midcap 100 index slipped 59.15 points (0.12%) to 49,643, while the Nifty Smallcap 100 index fell 54.10 points (0.35%) to 15,354.50.

Market analysts suggest that after the initial flat-to-positive movement, Nifty could find support at 22,500, followed by 22,400 and 22,300.

The market faces resistance at 22,700, with additional hurdles at 22,800 and 22,900.

Hardik Matalia, Derivative Analyst at Choice Broking stated, “Bank Nifty may find support at 48,500, followed by 48,200 and 47,900, as the charts indicate. If the index advances further, 48,800 would be the initial key resistance, followed by 49,200 and 49,500.”

Top Gainers & Losers

Among Sensex constituents, Bajaj Finance, IndusInd Bank, Bajaj Finserv, M&M, Tata Steel, HDFC Bank, Zomato, Sun Pharma, ICICI Bank, and Bharti Airtel were the leading gainers.

On the other hand, UltraTech Cement, Tech Mahindra, Asian Paints, Infosys, Axis Bank, and Hindustan Unilever saw declines.

Overnight in the US markets, the Dow Jones fell 0.43% to 43,433.12.

The S&P 500 remained nearly unchanged at 5,956.06, while the Nasdaq advanced 0.26% to close at 19,075.26.

In Asia, markets in Seoul, China, Jakarta, and Hong Kong were trading lower, whereas Bangkok and Japan were in positive territory.

Foreign Institutional Investors (FIIs) continued their selling spree for the fifth consecutive session, offloading equities worth Rs 3,529.10 crore on 25 February.

In contrast, Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,030.78 crore.

Market Outlook

Anand James, Chief Market Strategist at Geojit Financial Services, noted that the recent rebound failed to sustain beyond 22,620, signaling weakness in the recovery attempt.

Additionally, he added that the three-day consolidation phase suggests a possible downside breakout.

“But as maintained all this week, we will wait for 22,950 to be conquered, as a confirmation of strength. Downside marker for the day may be placed at 22,530, with deeper support seen at 22,300,” Anand James asserted.

Also Read: India’s Economy Rebounds To 6.3% Growth; Driven By Government Spending

Mankrit Kaur

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