Indian stock market opens flat, FIIs start buying

Mumbai: The domestic benchmark indices opened flat on Wednesday amid mixed global cues, as buying was seen in the PSU bank and metal sectors in the early trade.

At around 9.30 am, Sensex was trading 17.21 points or 0.02 per cent up at 75,318.47 while the Nifty added 4.65 points or 0.02 per cent at 22,838.95.

Nifty Bank was up 271.95 points or 0.55 per cent at 49,586.45 The Nifty Midcap 100 index was trading at 49,994.30 after adding 477.40 points or 0.96 per cent. Nifty Smallcap 100 index was at 15,512.00 after climbing 137.30 points or 0.89 per cent.

According to market watchers, after a positive opening, Nifty can find support at 22,750 followed by 22,650 and 22,550. On the higher side, 22,950 can be an immediate resistance, followed by 23,000 and 23,100.

“Sensex after a long streak of losing sessions finally indicated a strong pullback with a huge bullish candle formation to close above the 20 DMA level of 74500 zone with bias and sentiment improving,” said Vaishali Parekh Vice President – Technical Research, PL Capital Group.

As mentioned earlier, a decisive breach above 50 EMA level of 75920 level shall establish conviction and thereafter, can expect for stability in the coming sessions, Parekh added.

Meanwhile, In the Sensex pack, Tata Steel, Zomato, IndusInd Bank, Bajaj Finserv, SBI, Bajaj Finance, Adani Ports, Bharti Airtel and Tata Motors were the top gainers. Whereas, HCL Tech, TCS, Infosys, Tech Mahindra, Sun Pharma, Maruti Suzuki, ICICI Bank, ITC and Titan were the top losers.

In the last trading session, Dow Jones declined 0.62 per cent to close at 41,581.31. The S&P 500 declined 1.07 per cent to 5,614.66 and the Nasdaq declined 1.71 per cent to close at 17,504.12.

In the Asian markets, Only China was trading in red. Whereas Japan, Seoul, Hong Kong, Jakarta and bangkok were trading in green.

After remaining net sellers for the last 17 sessions, the foreign institutional investors (FIIs) bought equities worth Rs 694.57 crore on March 18. Domestic institutional investors (DIIs) also bought equities of Rs 2,534.75 crore, on the same day.

–IANS