On Thursday, the Indian stock markets started on a weaker note, tracking mixed global cues. Selling pressure was evident in the auto, pharma, and FMCG sectors during early trade.
At 9:37 AM, the Sensex was down 219.70 points or 0.29% at 75,719.48, while the Nifty slipped 45.75 points or 0.20% to 22,887.15.
Among sectoral indices, Nifty Bank dropped 270.85 points or 0.55% to 49,299.25.
The Nifty Midcap 100 index declined 266.60 points or 0.53% to 50,260.65, and the Nifty Smallcap 100 index fell 59.95 points or 0.39% to 15,465.95.
Market analysts said Nifty may find support at 22,850 after a weak opening, with additional support at 22,800 and 22,700. They identified 23,000 as immediate resistance, followed by hurdles at 23,100 and 23,200.
Hardik Matalia, Derivative Analyst at Choice Broking stated, “Given the ongoing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying overnight positions.”
In the Sensex pack, M&M, ITC, Maruti, Zomato, HDFC Bank, L&T, Bharti Airtel, Sun Pharma, Tata Motors, and Hindustan Unilever were among the top losers.
On the other hand, Infosys, Adani Ports, Axis Bank, Asian Paints, Tech Mahindra, NTPC, Power Grid, and ICICI Bank led the gainers’ list.
Global markets showed mixed trends.
The Dow Jones gained 0.16% to close at 44,627.59, the S&P 500 added 0.24% to 6,144.15, and the Nasdaq inched up 0.07% to 20,056.25.
However, major Asian indices, including those in Seoul, China, Bangkok, Japan, Jakarta, and Hong Kong, were trading in the red.
Gold and silver saw mild profit-booking following the release of the Federal Reserve’s January meeting minutes, which reflected a hawkish stance.
Rahul Kalantri, VP Commodities at Mehta Equities Ltd asserted, “The US Fed noted that inflation remains high and emphasised the need for further economic data before considering rate cuts. As a result, the dollar index and US bond yields rose, pressuring gold and silver prices.”
On the institutional front, foreign institutional investors (FIIs) sold equities worth Rs 1,881.30 crore on 19 February, while domestic institutional investors (DIIs) remained net buyers, purchasing equities worth Rs 1,957.74 crore.
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