Indian Stock Market Starts Flat, Sensex Stays Above 76,700
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Synopsis
On April 16, the Indian stock market began with a stable performance as the Sensex remained above 76,700. Despite weak global signals, some sectors showed resilience, while others faced selling pressure. Key indices, including Nifty and Nifty Bank, experienced slight gains.
Key Takeaways
- Sensex up by 23.12 points at 76,758.01.
- Nifty adds 5.90 points, trading at 23,334.45.
- FIIs became net buyers, reversing a nine-day selling streak.
- Top losers included Infosys and Maruti Suzuki.
- Next resistance for Nifty at 23,869.
Mumbai, April 16 (NationPress) The domestic benchmark indices commenced the day on a flat note on Wednesday, influenced by weak global cues, with noticeable selling activity in the IT and automobile sectors during early trading.
At approximately 9:29 am, the Sensex was up by 23.12 points, or 0.03 percent, trading at 76,758.01, while the Nifty increased by 5.90 points, also 0.03 percent, reaching 23,334.45.
The Nifty Bank index rose by 258.05 points, or 0.49 percent, to 52,637.55. The Nifty Midcap 100 index stood at 52,148.35 after gaining 173.90 points, or 0.33 percent. Meanwhile, the Nifty Smallcap 100 index rose to 16,284.80, climbing by 105.50 points, or 0.65 percent.
Market analysts noted that technically, the Nifty has successfully reclaimed levels above its 20, 50, and 100-day moving averages, which is a promising indicator for the bulls.
“Looking forward, the next key resistance level for the Nifty seems to be around 23,869, aligning with the previous swing high. Conversely, the 22,900-23,000 range is expected to offer immediate support for the index,” commented Devarsh Vakil, Head of Prime Research at HDFC Securities.
In the Sensex group, Infosys, Maruti Suzuki, Tech Mahindra, HCL Tech, and Sun Pharma emerged as the primary losers. On the other hand, HDFC Bank, IndusInd Bank, Kotak Bank, ICICI Bank, and Axis Bank were the top gainers.
In the previous trading session, the Dow Jones in the US fell by 0.38 percent, closing at 40,368.96. The S&P 500 dipped by 0.17 percent to 5,396.63, while the Nasdaq decreased by 0.05 percent, closing at 16,823.17.
“US stocks concluded slightly lower on Tuesday due to high tariff uncertainty, as shares of consumer and healthcare companies weakened, although positive bank results provided some support,” experts noted.
In the Asian markets, Jakarta was trading positively, while Japan, Seoul, China, Bangkok, and Hong Kong were experiencing declines.
After being net sellers for nine consecutive days, foreign institutional investors (FIIs) shifted to being net buyers on April 15, acquiring equities worth ₹6,065.78 crore. However, domestic institutional investors (DIIs) turned net sellers after three days, divesting equities worth ₹1,951.60 crore on the same day.
