Sensex, Nifty open a tad lower amid mixed global cues

Mumbai: The domestic benchmark indices opened lower on Tuesday amid mixed global cues, as selling was seen in the auto, PSU bank and financial service sectors in the early trade.

At around 9.31 am, Sensex was trading 40.79 points or 0.05 per cent down at 82,018.63 while the Nifty declined 22.10 point or 0.09 per cent at 24,923.35.

Nifty Bank was down 51.40 points or 0.09 per cent at 55,369.30. The Nifty Midcap 100 index was trading at 56,943.00 after declining 162.45 points or 0.28 per cent. Nifty Smallcap 100 index was at 17,606.90 after dropping 42.75 points or 0.24 per cent.

According to analysts, from a technical perspective, the Nifty formed a bearish candle on the daily chart while trading within an inside bar pattern, closing just below the crucial 25,000 level.

“The index moved sideways throughout the session, fluctuating within a narrow intraday range of 24,900 to 25,100 — a sign of market indecision. Immediate support is seen at 24,900–24,800, while resistance levels are placed at 25,100 and 25,235. A decisive breakout above 25,235 may open the path for an upside move toward 25,500–25,743,” said Mandar Bhojane, Equity Research Analyst at Choice Broking.

The Indian Rupee exhibited strength, appreciating by 10 paise against the greenback to settle at 85.40.

“This upward movement in the rupee can be attributed to cooling crude oil prices and a softening of the US dollar,” added Devarsh Vakil, Head of Prime Research of HDFC Securities

Meanwhile, in the Sensex pack, Tata Steel, Sun Pharma, Infosys, Tech Mahindra, ITC, Adani Ports, L&T and HCL Tech were the top gainers. Power Grid, Nestle India, Titan, Kotak Mahindra Bank, M&M and HDFC Bank were the top losers.

In the Asian markets, China, Hong Kong, Japan, Bangkok, Seoul and Jakarta were trading in green.

In the last trading session, Dow Jones in the US closed at 42,792.07, up 137.33 points, or 0.32 per cent. The S&P 500 ended with a gain of 5.22 points, or 0.09 per cent, at 5,963.60 and the Nasdaq closed at 19,215.46, up 4.36 points, or 0.02 per cent.

On the institutional front, both foreign and domestic investors turned cautious, marking the first simultaneous sell-off in over a month.

According to provisional data from the NSE, foreign institutional investors (FIIs) sold Indian equities worth Rs 525.95 crore on May 19, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 237.93 crore.

–IANS