Indian equity benchmarks opened largely flat on Wednesday as investors tracked mixed global cues and continued foreign institutional selling.
The Nifty opened at 22,665, down around 50 points or 0.23 per cent, while the Sensex started at 72,441.15, lower by 87.92 points or 0.12 per cent.
The Nifty MidSmall IT & Telecom index led sectoral gains in early trade, rising more than 1 per cent. Nifty PSU Bank, Chemicals, Oil & Gas, Cement and Media also gained up to 1 per cent. Metal stocks lagged, with the Nifty Metal index falling 0.42 per cent, while healthcare and pharmaceutical indices edged lower.
Market experts said elevated US bond yields continued to pressure foreign flows, while the recent correction had made valuations more attractive in parts of the Indian market.
They also said a decline in crude oil prices could support a market recovery, with large-cap stocks potentially driving the move.
Technical analysts said the market could stabilise after its recent decline as buying emerged near key support levels.
The Nifty formed a hammer candle in the previous session, signalling buying interest at lower levels.
The index also found support near 22,600, while strength in select heavyweight stocks limited losses.
Experts placed immediate Nifty support at 22,650-22,700, with resistance around 22,950-23,000.
Foreign institutional investors extended their selling streak to a fourth consecutive session on Tuesday, offloading equities worth nearly Rs 10,000 crore.
Domestic institutional investors bought shares worth nearly Rs 7,000 crore, providing some support.
Asian markets traded broadly higher in early hours despite a mildly weaker Wall Street session. Investors remained focused on upcoming US economic data, crude prices, bond yields and wider global market trends for further direction.
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