The Indian stock market opened on a positive note on Tuesday, with buying activity observed in the media and auto sectors during early trade.
At around 9:36 am, the Sensex was trading 192.68 points or 0.26% higher at 74,647.09, while the Nifty rose 33.85 points or 0.15% to 22,587.20.
Among sectoral indices, Nifty Bank gained 33.70 points or 0.07% to reach 48,685.65. However, the Nifty Midcap 100 index fell 324.70 points or 0.65% to 49,688.40, and the Nifty Smallcap 100 index dropped 95.10 points or 0.61% to 15,382.20.
Market experts noted that Nifty has broken its previous low and closed below the support line, indicating the possibility of a stronger bearish trend.
“The lower end of the downward sloping channel is at 22,100. The 22,820 mark will be a crucial resistance level and a point of trend reversal as well,” said Vikram Kasat, Head Advisory of PL Capital.
Within the Sensex pack, M&M, Zomato, Maruti Suzuki, Nestle India, ICICI Bank, Hindustan Unilever, Bajaj Finserv, Bharti Airtel, and Kotak Mahindra Bank emerged as the top gainers. On the other hand, L&T, Tech Mahindra, TCS, PowerGrid, Sun Pharma, NTPC, HCL Tech, UltraTech Cement, and Titan were the leading laggards.
In the previous trading session, Wall Street saw mixed results. The Dow Jones Industrial Average climbed 0.08% to close at 43,461.21, while the S&P 500 fell 0.50% to 5,983.25, and the Nasdaq declined 1.21% to 19,286.93.
Across Asian markets, key indices in Seoul, China, Bangkok, Japan, Jakarta, and Hong Kong were trading in the red.
On the institutional front, foreign institutional investors (FIIs) continued their selling spree, offloading equities worth ₹6,286.70 crore on February 24. In contrast, domestic institutional investors (DIIs) maintained their buying momentum, acquiring equities worth ₹5,185.65 crore during the same session.
“Given the prevailing market dynamics, traders are advised to exercise caution and wait for confirmation of price action at critical levels before initiating fresh positions,” said Hardik Matalia of Choice Broking.
-IANS
