Indian stock market opens flat amid mixed global cues

Mumbai: The domestic benchmark indices opened flat on Monday amid mixed global cues, as selling was seen in the IT sector in the early trade.

At around 9.32 am, Sensex was trading 3.88 points or 0.00 per cent up at 82,326.71 while the Nifty climbed 14.70 point or 0.06 per cent at 25,034.50.

Nifty Bank was up 134.25 points or 0.24 per cent at 55,489.15. The Nifty Midcap 100 index was trading at 57,203.80 after rising 143.30 points or 0.25 per cent. Nifty Smallcap 100 index was at 17,701.75 after climbing 141.35 points or 0.80 per cent.

According to analysts, “they now have only the October 2024 peak ahead at 25,235, which is in close vicinity, before 26,277, the lofty peak of September stares at us. This warns us to be guarded against sudden withdrawal in risk appetite and buying interest as we push ahead”.

“With this in the backdrop we will begin the week expecting continuation of an uptrend, with an intraday downside marker at 24,950. However, brace for declines, should the upswings there of fail to clear 25,235 or if there is an outright breakdown past 24,870/807 region,” said Anand James, Chief Market Strategist of Geojit Investments Limited.

The prime mover of the ongoing rally in the Indian market is the sustained FII inflows of around Rs 23,800 crore so far this month.

“Of course, the decline in global trade tensions, the rally in global markets led by the US and the India-Pak ceasefire have created the setting for this rally,” said experts.

Meanwhile, in the Sensex pack, Infosys, TCS, IndusInd Bank, HCL Tech, Tech Mahindra, M&M, Eternal, Reliance and L&T were the top losers. Whereas, NTPC, Bajaj Finance, Tata Motors, Sun Pharma, Bajaj Finserv, PowerGrid, SBI and HDFC Bank were the top gainers.

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

In the last trading session on Friday, Dow Jones in the US closed at 42,654.74, up 331.99 points, or 0.78 per cent. The S&P 500 ended with a gain of 41.45 points, or 0.70 per cent, at 5,958.38 and the Nasdaq closed at 19,211.10, up 98.78 points, or 0.52 per cent.

On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth Rs 8,831.05 crore on May 16, while domestic institutional investors (DIIs) purchased equities worth Rs 5,187.09 crore.

–IANS