Sensex And Nifty Open Lower After Three-Day Rally Amid Global Market Weakness

After posting gains for three straight sessions, India’s benchmark indices opened in the red on Thursday, reacting to weak global market cues and early selling pressure in IT and auto stocks.

By 9:27 AM, the BSE Sensex had dropped 338.13 points, or 0.44%, to 76,706.16, while the NSE Nifty 50 fell 120.75 points, or 0.52%, to 23,316.45.

In contrast, the Nifty Bank index edged up by 62.25 points, or 0.12%, to 53,180.00, signaling some resilience in financial stocks.

Mid- and small-cap indices also showed marginal declines. The Nifty Midcap 100 traded at 52,300.65, down 44.90 points or 0.09%, while the Nifty Smallcap 100 slipped 1.40 points or 0.01% to 16,347.85.

Key Technical Levels In Focus

Market analysts outlined possible support and resistance levels following the weak open.

“Nifty may find support around 23,300, followed by 23,200 and 23,000,” said Hardik Matalia, Derivative Analyst at Choice Broking. “On the upside, 23,500 could serve as immediate resistance, followed by 23,600 and 23,800.”

Matalia added that Bank Nifty might find support at 52,800, 52,500, and 52,300, while facing resistance at 53,300, 53,500, and 53,800.

Top Gainers And Losers

Among the Sensex stocks, major IT firms led the losses. HCL Tech, Tech Mahindra, Infosys, TCS, and Tata Steel traded lower, joined by L&T, M&M, Bajaj Finance, Titan, Asian Paints, Nestle India, and Tata Motors.

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On the other hand, ICICI Bank, Bharti Airtel, Sun Pharma, NTPC, and HDFC Bank posted gains in early trading, offering some support to the broader index.

Global Markets Influence Sentiment

Overnight, US markets saw sharp declines, contributing to bearish sentiment in Asian trading.

The Dow Jones Industrial Average lost 1.73% to close at 39,669.39, while the S&P 500 dropped 2.24% to 5,275.70. The Nasdaq Composite plunged 3.07%, closing at 16,307.16.

In Asia, markets were mixed. Jakarta traded in the red, while Tokyo, Seoul, Shanghai, Bangkok, and Hong Kong posted early gains.

Foreign Institutional Investors (FIIs) extended their buying streak on April 16, purchasing Indian equities worth Rs 3,936.42 crore. In contrast, Domestic Institutional Investors (DIIs) continued to sell for a second session, offloading Rs 2,512.77 crore worth of equities.

As traders digest global signals and sectoral performance, analysts remain cautious about near-term volatility. Market participants are watching for signs of stability in global tech stocks and a possible rebound in domestic auto and IT sectors.