Why Did the Indian Stock Market Open Flat Amid Geopolitical Tensions?

Mumbai, April 30 (NationPress) The domestic benchmark indices commenced the day on a flat note on Wednesday amid a backdrop of mixed global signals and geopolitical tensions. Early trading saw selling pressure in the PSU bank and financial service sectors.

As of approximately 9:32 AM, the Sensex was down by 7.72 points or 0.01 percent, trading at 80,280.66, while the Nifty managed a slight uptick of 1 point or 0.00 percent, reaching 24,336.95.

In the Nifty Bank sector, a decline of 197.50 points or 0.36 percent was noted, bringing it to 55,193.75. The Nifty Midcap 100 index stood at 54,356.00, down by 231.95 points or 0.42 percent, while the Nifty Smallcap 100 index dropped to 16,602.40, down by 136.30 points or 0.81 percent.

Analysts suggest that the Nifty may find support at 24,200, followed by 24,100 and 24,000. On the upside, immediate resistance is seen at 24,400, followed by 24,500 and 24,700.

Hardik Matalia from Choice Broking mentioned, "The charts for Bank Nifty indicate potential support levels at 55,000, 54,700, and 54,400. If the index continues to rise, the initial key resistance is projected at 55,600, followed by 55,900 and 56,200."

While the Sensex had a positive opening, it struggled to maintain momentum, hovering around the 80,300 mark. Experts noted that a decisive breach above the 80,400 resistance zone is essential for triggering a breakout, with crucial support located near the 79,100 level of the 200-period MA.

Vaishali Parekh, Vice President-Technical Research at PL Capital Group, stated, "For Nifty, the support for today is positioned at 24,200 levels, whereas resistance is anticipated at 24,500 levels."

In the Sensex segment, notable losers included Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tata Motors, Eternal, SBI, and Tata Steel. Conversely, HDFC Bank, Sun Pharma, Bharti Airtel, Power Grid, and Hindustan Unilever Limited emerged as top gainers.

In Asian markets, China and Seoul experienced declines, while Bangkok, Jakarta, Hong Kong, and Japan saw positive trading.

In the previous trading session, the Dow Jones in the U.S. gained 0.75 percent, closing at 40,527.62. The S&P 500 rose by 0.58 percent to 5,560.83, and the Nasdaq increased by 0.55 percent, closing at 17,461.32.

On the institutional front, foreign institutional investors (FIIs) continued as net buyers, marking their tenth consecutive session of inflows with Rs 2,385.61 crore on April 29. Domestic institutional investors (DIIs) also remained net buyers, reflecting their third straight session of inflows with Rs 1,369.19 crore on the same day.