Indian equity indices opened lower on Tuesday as stocks like Infosys and Zomato pulled down the BSE benchmark.
At 9:25 AM, Sensex was down by 444 points or 0.54% at 81,985, while Nifty fell by 105 points or 0.42% to 24,817.
Despite the negative opening, analysts suggested that Nifty could find support at levels of 24,800, followed by 24,700 and 24,500.
On the higher side, immediate resistance could be found at 25,000, with further resistance levels at 25,100 and 25,200.
In the Sensex pack, Sun Pharma, IndusInd Bank, Tech Mahindra, Bajaj Finance, Maruti Suzuki, Titan, HUL, and Axis Bank emerged as top gainers.
Meanwhile, Infosys, Zomato, Tata Steel, HCL Tech, Power Grid, UltraTech Cement, Asian Paints, ITC, NTPC, and HDFC Bank were the main laggards.
On the sectoral front, major losers included auto, IT, financial services, FMCG, metal, realty, and media. Conversely, PSU banks, pharma, realty, and PSE saw gains.
There was marginal buying in the small-cap and mid-cap stocks.
The Nifty midcap 100 index rose by 20 points to 55,437, while the Nifty smallcap 100 index climbed by 38 points to 16,805.
After the sharp rise in Indian indices on the previous day, experts anticipate that the markets will consolidate recent gains.
Devarsh Vakil, Head of Prime Research at HDFC Securities, expects continued interest in mid-cap and small-cap stocks at lower levels.
In the global markets, most Asian stock exchanges were in the green, with Tokyo, Bangkok, Seoul, and Shanghai showing significant gains.
However, Hong Kong was trading in the red.
The US markets ended on a positive note as investors reacted favourably to a de-escalation in the US-China trade war.
The Dow Jones surged by 2.81%, and the Nasdaq rose by 4.35% in the previous trading session.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,246 crore on May 13, while Domestic Institutional Investors (DIIs) also made purchases amounting to Rs 1,488 crore.
Considering the current market dynamics, Hardik Matalia, Derivative Analyst at Choice Broking, advised traders to adopt a disciplined approach with strict risk management.
He also recommended avoiding large overnight positions due to prevailing global uncertainties.
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