Markets Open Lower; Recover As Bharti Airtel, ITC Lead Early Gains

Indian stock markets began Tuesday’s session on a weak note but bounced back shortly after, with major players like Bharti Airtel and ITC turning positive.

By 9:44 AM, the Sensex slipped marginally by 3 points to 77,412, while the Nifty edged up 23 points, or 0.10%, to reach 23,542.

Broader markets led the charge.

The Nifty Midcap 100 rose 309 points (0.67%) to 52,017, while the Nifty Smallcap 100 climbed 88 points (0.55%) to 16,184.

Among the Sensex constituents, the top performers included ITC, Bharti Airtel, IndusInd Bank, M&M, Power Grid, NTPC, Adani Ports, Nestle, Tata Motors, SBI, UltraTech Cement, and HUL.

Meanwhile, Infosys, TCS, Bajaj Finance, HDFC Bank, Bajaj Finserv, Sun Pharma, HCL Tech, and Kotak Mahindra Bank were among the laggards.

IT shares came under pressure, pulling the Nifty IT index down by 1.37%.

Sector-wise, indices for financials, pharma, FMCG, metal, realty, and private banks traded lower.

On the other hand, auto, PSU banks, and energy stocks were trading in positive territory.

Technical Outlook: Key Levels To Watch

Commenting on the technical outlook, Hardik Matalia, derivative analyst at Choice Broking, stated, “After a negative opening, Nifty can find support at 23,300 followed by 23,200 and 23,100. On the higher side, 23,550 can be an immediate resistance, followed by 23,650 and 23,800.”

“The charts of Bank Nifty indicate that it may get support at 51,300, followed by 51,000 and 50,700. If the index advances further, 51,700 would be the initial key resistance, followed by 52,000 and 52,200,” he further added.

Across Asia, most markets were trading higher.

Indices in Shanghai, Tokyo, Seoul, Bangkok, and Hong Kong all showed strength.

In the US, markets rebounded from a seven-month low on Monday, ending the session with a 1% gain.

On the institutional front, foreign investors turned net sellers on 28 March, offloading equities worth Rs 4,352 crore.

However, domestic investors continued their buying streak, purchasing stocks worth Rs 7,646 crore.

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