The Indian stock market opened flat on Wednesday as investors reacted to mixed global cues. However, early trade saw buying interest in PSU banks and metal stocks, boosting market sentiment.
Market Performance in Early Trade
At around 9:30 AM, the Sensex was trading slightly higher, up 17.21 points (0.02%) at 75,318.47, while the Nifty added 4.65 points (0.02%) to 22,838.95.
Other key indices also showed positive movement:
- Nifty Bank gained 271.95 points (0.55%) to reach 49,586.45.
- Nifty Midcap 100 surged 477.40 points (0.96%) to 49,994.30.
- Nifty Smallcap 100 climbed 137.30 points (0.89%) to 15,512.00.
Support and Resistance Levels for Nifty
Market analysts suggest that Nifty may find support at 22,750, 22,650, and 22,550, while resistance levels are expected at 22,950, 23,000, and 23,100.
Vaishali Parekh, Vice President – Technical Research at PL Capital Group, stated that Sensex has shown a strong pullback after a long losing streak, closing above the 20-day moving average (DMA) level of 74,500. A decisive breakout above the 50-day exponential moving average (EMA) level of 75,920 could confirm further market stability.
Top Gainers and Losers
In the Sensex pack, the top gainers were:
- Tata Steel
- Zomato
- IndusInd Bank
- Bajaj Finserv
- SBI
- Bajaj Finance
- Adani Ports
- Bharti Airtel
- Tata Motors
On the other hand, the top losers included:
- HCL Tech
- TCS
- Infosys
- Tech Mahindra
- Sun Pharma
- Maruti Suzuki
- ICICI Bank
- ITC
- Titan
Global Market Trends
Overnight, the U.S. markets saw a decline:
- Dow Jones fell 0.62% to 41,581.31.
- S&P 500 dropped 1.07% to 5,614.66.
- Nasdaq declined 1.71% to 17,504.12.
In Asian markets, most indices were trading in the green, except for China, which remained in the red. Markets in Japan, Seoul, Hong Kong, Jakarta, and Bangkok saw gains.
Foreign Investors Resume Buying
After being net sellers for the past 17 sessions, Foreign Institutional Investors (FIIs) bought equities worth ₹694.57 crore on March 18. Domestic Institutional Investors (DIIs) were also active buyers, purchasing equities worth ₹2,534.75 crore on the same day.
With FIIs returning as buyers and domestic investors supporting the market, traders remain hopeful about sustained market stability in the coming sessions.
