India’s benchmark indices remained muted in early trade on Thursday, with buying seen in the realty sector.
The Sensex dropped 40.02 points, or 0.05 percent, to 80,194.06, while the Nifty inched up by 2.35 points, or 0.01 percent, to 24,277.25 as of 09:39 AM.
Market sentiment was positive, with 1,792 stocks advancing and 464 declining on the National Stock Exchange (NSE).
Among sectoral indices, Nifty Bank rose by 224.35 points, or 0.43 percent, to 52,526.15. The Nifty Midcap 100 index gained 381.35 points, or 0.68 percent, reaching 56,653.70, while the Nifty Smallcap 100 added 165.30 points, or 0.89 percent, to stand at 18,668.15.
Akshay Chinchalkar of Axis Securities said, “Nifty has formed a bullish pattern within a three-day range of 24,125-24,350. This is rare, as all three candles share a similar high-to-low range, which makes the pattern significant, especially after the Monday gap-up.”
“The immediate resistance level to watch is 24,360, with the next at 24,540. Critical support lies at 24,120, with bears gaining strength only if the index closes below 23,956,” he added.
Top gainers included Hindustan Unilever, ITC, HDFC Bank, IndusInd Bank, Tata Motors, Tata Steel, Nestle India, and Adani Ports. Infosys, Tech Mahindra, HCL Tech, Power Grid, TCS, M&M, and Bajaj Finance were the major laggards.
Foreign institutional investors (FIIs) purchased equities worth Rs 7.78 crore on Wednesday, while domestic institutional investors bought shares worth Rs 1,301.97 crore.
Across broader Asian markets, Seoul and Japan were trading higher, while China, Hong Kong, Bangkok, and Jakarta were in the red. US markets declined in the previous session.
(With IANS input)
