Indian benchmark indices opened on a flat note Wednesday as weak global signals and early selling in IT and auto stocks weighed on investor sentiment.
Despite sluggish movement in frontline stocks, banking and broader market indices displayed early strength.
By 9:29 AM, the BSE Sensex inched up 23.12 points or 0.03% to trade at 76,758.01, while the NSE Nifty added 5.90 points or 0.03% to reach 23,334.45.
Banking stocks led the early momentum, with the Nifty Bank rising 258.05 points or 0.49% to 52,637.55.
Broader markets also stayed positive: the Nifty Midcap 100 rose 173.90 points or 0.33% to 52,148.35, while the Nifty Smallcap 100 gained 105.50 points or 0.65% to 16,284.80.
Market analysts pointed to strong technical cues supporting bullish sentiment.
According to Devarsh Vakil, Head of Prime Research at HDFC Securities, the Nifty has decisively moved above its 20-, 50-, and 100-day moving averages, indicating underlying strength.
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“Looking ahead, the next key resistance for the Nifty lies at 23,869, aligning with the previous swing high,” Vakil said. “On the downside, the 22,900–23,000 zone should act as immediate support.”
Within the Sensex pack, Infosys, Maruti Suzuki, Tech Mahindra, HCL Tech, and Sun Pharma emerged as the top laggards in early trade.
Meanwhile, banking majors such as HDFC Bank, IndusInd Bank, Kotak Bank, ICICI Bank, and Axis Bank led the list of gainers, bolstered by strong earnings and investor buying.
Overnight, US markets ended in the red, dragged down by uncertainty over tariffs and mixed sectoral performance.
The Dow Jones Industrial Average slipped 0.38% to 40,368.96, the S&P 500 fell 0.17% to 5,396.63, and the Nasdaq dipped 0.05% to 16,823.17.
Experts noted that while upbeat bank earnings offered limited support, weakness in consumer and healthcare shares pulled indices lower.
In Asia, sentiment remained mixed. Jakarta traded in the green, while markets in Japan, Seoul, China, Bangkok, and Hong Kong declined.
In a notable shift, foreign institutional investors (FIIs) turned net buyers on April 15 after nine straight sessions of selling, purchasing equities worth ₹6,065.78 crore.
However, domestic institutional investors (DIIs) booked profits, turning net sellers with equity sales of ₹1,951.60 crore.
While global cues remain uncertain, domestic technical resilience and renewed FII interest may help limit downside in the near term.
Traders will closely monitor sectoral trends and global developments for further market direction.
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