The Indian stock market opened on a positive note on Thursday, supported by buying activity in financial services and PSU bank stocks. However, global cues remained mixed, leading to cautious investor sentiment.
At 9:31 AM, the BSE Sensex was trading 61.17 points higher at 74,090.93, marking a 0.08% gain. Similarly, the Nifty 50 saw a slight increase of 2.15 points to reach 22,472.65.
Sectoral Performance
The Nifty Bank index was up by 113.10 points (0.24%), reaching 48,169.75. However, midcap and smallcap indices showed weakness:
- Nifty Midcap 100 fell by 49.80 points (0.10%) to 48,436.80.
- Nifty Smallcap 100 declined 62.90 points (0.42%), settling at 14,981.45.
Market Sentiment and Expert Views
According to market analysts, the Indian markets were expected to have a flat to slightly positive opening, influenced by global trends and institutional flows. The GIFT Nifty reflected this sentiment, trading at 22,570, a modest 25-point gain in early trade.
Hardik Matalia of Choice Broking noted, “The market sentiment remains cautious due to mixed global cues and the lack of strong domestic triggers. Investors will focus on crude oil prices, global markets, and institutional activities to gauge further movement.”
Top Gainers and Losers
Among the Sensex stocks, IndusInd Bank, Tata Steel, Zomato, Bajaj Finserv, ICICI Bank, Tech Mahindra, Infosys, and SBI emerged as the top gainers. On the other hand, Hindustan Unilever, Sun Pharma, Tata Motors, UltraTech Cement, and Asian Paints were the major losers.
Global Market Performance
The previous trading session saw mixed performances in global markets:
- Dow Jones fell 0.20%, closing at 41,350.93.
- S&P 500 gained 0.49%, settling at 5,599.30.
- Nasdaq jumped 1.22%, closing at 17,648.45.
In Asian markets, indices in Bangkok, Japan, Seoul, and Jakarta traded in the green, while China and Hong Kong saw declines.
Institutional Activity
On March 12, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth ₹1,627.61 crore. Meanwhile, Domestic Institutional Investors (DIIs) purchased stocks worth ₹1,510.35 crore, reflecting continued domestic investor support.
Market Outlook
Analysts advise traders to remain cautious and wait for confirmation of price trends at key levels before making new investments. The overall market sentiment is expected to remain volatile, driven by global factors and institutional activities.
