The Indian equity benchmark indices opened flat on Wednesday amid mixed global cues, with buying interest seen in the auto and PSU bank sectors during early trade.
At the opening bell, the Sensex was trading 22.30 points, or 0.03 percent, higher at 74,080.02, while the Nifty gained 24.65 points, or 0.11 percent, to reach 22,473.25. The Nifty Bank index rose by 231.40 points, or 0.48 percent, to 47,867.05. Meanwhile, the Nifty Midcap 100 index advanced 141.65 points, or 0.29 percent, to 48,904.40, while the Nifty Smallcap 100 index climbed 52.85 points, or 0.35 percent, to 15,128.75.
Market analysts noted that after a flat opening, the Nifty could find support at 22,400, followed by 22,300 and 22,200. On the upside, 22,600 could act as immediate resistance, followed by 22,700 and 22,800.
“Given the ongoing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying overnight positions,” said Hardik Matalia of Choice Broking.
Among the Sensex stocks, Bharti Airtel, Tata Motors, HDFC Bank, Zomato, PowerGrid, Sun Pharma, and Kotak Mahindra Bank were the top gainers. Meanwhile, IndusInd Bank, Infosys, HCLTech, and TCS were among the biggest losers.
Market watchers emphasized two key aspects of the near-term trend in stock markets. Globally, markets remain weak and jittery due to uncertainty surrounding tariff policies. This issue is expected to persist and could worsen as reciprocal tariffs take effect in early April. Given these conditions, a sustained recovery in global markets appears unlikely, and further downside movement is possible, they added.
In the previous trading session, the Dow Jones fell 1.14 percent to close at 41,433.48, while the S&P 500 declined 0.76 percent to 5,572.07. The Nasdaq slipped 0.18 percent, ending at 17,436.10.
In Asian markets, Japan, Seoul, and Jakarta were trading in positive territory, while Bangkok, China, and Hong Kong were in the red.
Foreign institutional investors (FIIs) continued their selling spree on March 11, offloading equities worth ₹2,823.76 crore. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth ₹2,001.79 crore on the same day.
-IANS
