The Indian stock market opened on a flat note on Thursday, reflecting mixed global cues, with selling pressure observed in the IT and FMCG sectors during early trade.
At around 9:33 am, the Sensex was down by 58.07 points, or 0.08 percent, trading at 73,672.16, while the Nifty slipped 12.65 points, or 0.06 percent, to 22,324.65. However, the Nifty Bank index showed strength, gaining 205.85 points, or 0.42 percent, to reach 48,695.80. The Nifty Midcap 100 index advanced by 481.35 points, or 0.98 percent, to 49,649.70, while the Nifty Smallcap 100 index rose by 128.30 points, or 0.92 percent, to 15,429.35.
Market analysts noted that after a positive opening, the Nifty could find support at 22,200, followed by 22,100 and 22,000. On the upside, 22,450 may act as an immediate resistance level, with further hurdles at 22,550 and 22,700.
To inject more liquidity into the financial system, the Reserve Bank of India (RBI) has announced two open market operations (OMO) purchases worth ₹50,000 crore each on March 12 and March 18. Additionally, a USD/INR Buy/Sell Swap auction worth $10 billion, with a tenor of 36 months, is scheduled for March 24.
According to Devarsh Vakil, Head of Prime Research at HDFC Securities, the Nifty closing above its five-day exponential moving average (EMA) for the first time since February 6, 2025, could indicate a potential shift from a bearish to a bullish trend in the short term.
Among the Sensex stocks, Tata Motors, Asian Paints, Zomato, Tata Steel, IndusInd Bank, Hindustan Unilever, ICICI Bank, Axis Bank, HCL Tech, TCS, and Bajaj Finserv emerged as the top gainers. On the other hand, Kotak Mahindra Bank, PowerGrid, Infosys, and UltraTech Cement were among the top losers.
In the previous trading session, Wall Street closed on a strong note, with the Dow Jones gaining 1.14 percent to settle at 43,006.59. The S&P 500 climbed 1.12 percent to 5,842.63, while the Nasdaq advanced 1.46 percent to end at 18,552.73.
Asian markets were largely trading in the green, with indices in China, Japan, Seoul, Jakarta, and Hong Kong witnessing gains, while only Bangkok was in the red.
Meanwhile, foreign institutional investors (FIIs) continued their selling spree for the tenth consecutive session on March 5, offloading equities worth ₹2,895.04 crore. In contrast, domestic institutional investors (DIIs) extended their buying streak for the 20th straight session, purchasing equities worth ₹3,370.60 crore on the same day.
-IANS
