Did Sensex and Nifty Open Higher with Auto Stocks Gaining?
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Synopsis
On July 23, the Indian stock market opened positively, primarily driven by gains in auto stocks, despite mixed global cues. Analysts suggest that a sustained move above 25,150 could indicate a bullish trend. The tug of war between bulls and bears continues as investors keep a close eye on key support levels.
Key Takeaways
- Sensex increased by 178 points to 82,381.
- Nifty rose by 64 points to 25,125.
- Auto stocks led the market gains.
- Midcap and smallcap indices faced selling pressure.
- Critical support level for Nifty is at 24,882.
Mumbai, July 23 (NationPress) The Indian stock market commenced on a positive note on Wednesday, driven by a surge in auto stocks amidst a backdrop of mixed global indicators.
At 9:29 AM, the Sensex increased by 178 points or 0.23 percent to reach 82,381, while the Nifty rose by 64 points or 0.26 percent, settling at 25,125.
Auto stocks were at the forefront of the market gains, whereas media and real estate sectors were underperforming. Bank stocks exhibited modest increases of up to 0.09 percent.
However, midcap and smallcap stocks experienced selling pressure, with the Nifty midcap 100 index decreasing by 0.13 percent to 59,028 and the Nifty smallcap 100 index dropping 0.35 percent to 18,826.
Among sectoral indices, PSU banks, financial services, metals, energy, and private banks showed positive performance, while realty, media, and FMCG sectors remained in the negative.
Within the Nifty pack, Tata Motors, Maruti Suzuki, Bajaj Auto, and M&M were the prominent gainers, while Tata Consumer Products, Trent, Tech Mahindra, and Titan faced losses during early trading.
“The ongoing battle between bulls and bears persists. The Nifty is struggling to surpass and maintain a position above the 40HEMA, which has now shifted lower to 25,104. Sustaining above this level and closing above the previous hourly high of 25,182 could indicate a potential trend reversal, reinforcing a formation of higher tops and higher bottoms,” remarked Vikram Kasat, Head-Advisory at PL Capital.
The critical support level is pegged at a low of 24,882, Kasat added. Analysts suggest that a sustained move above 25,150 could lead towards 25,250.
In Asian markets, the Nikkei 225 soared by 3.25 percent following the announcement of a trade deal with Japan by US President Donald Trump. Both Shanghai and Hong Kong were in the positive territory, while Jakarta and Seoul showed declines.
US markets remained relatively flat, displaying a slight positive bias as investors withdrew from tech stocks. The Dow Jones was in the green, whereas the Nasdaq closed 0.39 percent lower.
On July 22, foreign institutional investors (FIIs) were net sellers for the fourth consecutive session, offloading equities worth Rs 3,548 crore. In contrast, domestic institutional investors (DIIs) continued to be strong buyers for the 11th consecutive day, acquiring equities worth Rs 5,239 crore.
Point of View
I emphasize the importance of understanding market dynamics. The fluctuations in auto stocks highlight the ongoing battle between market participants. It’s crucial for investors to monitor key levels and adjust strategies accordingly, ensuring informed decisions in these uncertain times.
NationPress
23/07/2025
Frequently Asked Questions
Why are auto stocks performing well?
Auto stocks are experiencing gains due to positive market sentiment and strong demand forecasts, contributing to the overall growth in the Indian stock market.
What impact do global cues have on the Indian market?
Global cues greatly influence investor sentiment in the Indian market, leading to fluctuations in stock prices based on international trends and economic announcements.
What are the key support and resistance levels for Nifty?
The important support level for Nifty is at 24,882, while resistance can be observed at 25,150, with a potential upward trend if surpassed.
