The Indian stock market opened in positive territory on Thursday, with benchmark indices trading higher amid mixed global cues, despite early selling pressure in the auto sector.
At 9:26 AM, the Sensex was up by 112.96 points, or 0.15 percent, at 77,401.46, while the Nifty gained 28.20 points, or 0.12 percent, to trade at 23,515.05. The Nifty Bank index advanced 80.55 points, or 0.16 percent, to 51,289.55. However, the broader market indices showed some weakness, with the Nifty Midcap 100 falling by 41.05 points, or 0.08 percent, to 51,605.10, and the Nifty Smallcap 100 declining by 44.90 points, or 0.28 percent, to 15,891.85.
Market analysts noted that the Nifty has broken its steep rising trend line and is possibly forming a flag pattern on the hourly chart.
According to Vikram Kasat, Head of Advisory at PL Capital, the 40-HEMA (Hourly Exponential Moving Average) at 23,390 will act as a crucial support level, aligning with the lower end of the flag pattern. On the upside, a breakout from the flag pattern at 23,620 could indicate a continuation of the bullish trend, potentially pushing the Nifty to retest its recent high of 23,896.
Among Sensex stocks, L&T, Zomato, PowerGrid, ICICI Bank, Infosys, Titan, Bharti Airtel, and UltraTech Cement were the top gainers. On the other hand, Tata Motors, IndusInd Bank, M&M, Asian Paints, Sun Pharma, and Hindustan Unilever Limited were among the major laggards.
In the previous session, Wall Street closed lower, with the Dow Jones slipping 0.31 percent to 42,454.79, the S&P 500 falling 1.12 percent to 5,712.20, and the Nasdaq dropping 2.04 percent to 17,899.02. Market participants remain cautious as they await further details on the U.S. president’s reciprocal tariffs, which are set to take effect on April 2.
Asian markets showed a mixed trend, with Japan and Seoul trading lower, while Hong Kong, China, and Jakarta moved higher.
Institutional activity remained strong, as Foreign Institutional Investors (FIIs) bought equities worth ₹2,240.55 crore on March 26, whereas Domestic Institutional Investors (DIIs) sold equities worth ₹696.37 crore on the same day.
-IANS
