Business

Sensex & Nifty Open Higher Backed By Auto, PSU Bank Buys; Global Cues Mixed

Indian equity benchmarks opened on a positive note on Tuesday, buoyed by selective buying in sectors such as auto, PSU banks and financial services, despite mixed global signals.

At 9:34 AM, the BSE Sensex was up 134.87 points, or 0.17%, at 79,543.37.

The NSE Nifty also edged higher by 37.65 points, or 0.16%, to 24,163.20.

Nifty Bank gained 78.85 points, or 0.14%, to trade at 55,383.35.

Meanwhile, the Nifty Midcap 100 rose 299.45 points (0.55%) to 54,273.90, and the Nifty Smallcap 100 climbed 78.10 points (0.47%) to 16,851.45.

Market experts pointed out that Nifty’s return to its March peak of 23,870 marks a crucial resistance zone for the index.

Vikram Kasat, Head – Advisory at PL Capital, stated, “If the Nifty index fails to break and sustain above 23870, then it can see some correction or sideways consolidation in the near term. On the way down, 20 HMA at 23460 will be an important support level in case of a correction or pullback. However, if the Nifty index breaks and sustains above 23870, then 24250 – 24500 will be the upside levels to watch out for.”

Top Gainers & Losers

Among the top performers in the Sensex pack were Eternal, Tata Steel, Kotak Mahindra Bank, HDFC Bank, Bajaj Finance, and Hindustan Unilever.

In contrast, IndusInd Bank, Infosys, Power Grid, Asian Paints and HCL Tech saw early losses.

Overnight, US markets closed lower. The Dow Jones Industrial Average fell by 2.48% to 38,170.41, while the S&P 500 lost 2.36% to end at 5,158.20.

The tech-heavy Nasdaq dropped 2.55%, settling at 15,870.90.

Asian markets showed a mixed trend. Japan, Hong Kong and Bangkok traded in the red, while Jakarta, Seoul, and mainland China markets were in positive territory.

Commenting on domestic sentiment, Hardik Matalia, Derivative Analyst at Choice Broking, noted, “Despite global markets trading on a negative note, continued buying by Foreign Institutional Investors (FIIs) added confidence to the domestic outlook.”

As per exchange data, FIIs net purchased equities worth Rs 1,970.17 crore on 21 April, while Domestic Institutional Investors (DIIs) bought shares worth Rs 246.59 crore on the same day.

Also Read: India Sees Sharp Rise In Active Companies; Led By Services & Industrial Growth

Mankrit Kaur

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