Indian stock market opens higher, Sensex above 75,900

Mumbai: The domestic benchmark indices opened higher on Thursday amid positive global cues, as buying was seen in the IT and media sectors in the early trade.

At around 9.27 am, Sensex was trading 454.70 points or 0.60 per cent up at 75,903.75 while the Nifty added 133.40 points or 0.58 per cent at 23,041.

Nifty Bank was up 253.90 points or 0.51 per cent at 49,956.50. The Nifty Midcap 100 index was trading at 51,123.20 after adding 306.10 points or 0.60 per cent. Nifty Smallcap 100 index was at 15,927.95 after climbing 180.35 points or 1.15 per cent.

According to market watchers, two trends are significant in the Indian market. One, domestic consumption themes are finding favour.

“Two, beaten down themes like defence/shipping are finding favour. Consumer-facing digital stocks also are on strong wicket. This trend may continue,” they added.

After a positive opening, Nifty can find support at 22,850 followed by 22,750 and 22,700.

On the higher side, 23,000 can be an immediate resistance, followed by 23,100 and 23,200, said Hardik Matalia from Choice Broking

Meanwhile, In the Sensex pack, Zomato, Infosys, Tech Mahindra, M&M, IndusInd Bank, HCL Tech, TCS, Bharti Airtel and SBI were the top gainers. Whereas, Sun Pharma, Hindustan Unilever, L&T, Bajaj Finance and UltraTech Cement were the top losers.

In the last trading session, Dow Jones in the US added 0.92 per cent to close at 41,964.63. The S&P 500 climbed 1.08 per cent to 5,675.29 and the Nasdaq added 1.41 per cent to close at 17,750.79.

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

Regarding institutional activity, foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,096.50 crore on March 19, while domestic institutional investors (DIIs) purchased equities worth Rs 2,140.76 crore on the same day.

–IANS