Synopsis
On February 13, the Indian stock market opened positively with the Nifty crossing 23,120. The Sensex rose by 244.25 points, while foreign institutional investors continued selling equities. Traders are recommended to exercise caution amidst current market volatility.Key Takeaways
- Indian indices opened higher amid mixed global cues.
- Sensex gained 244.25 points, while Nifty rose by 79.25 points.
- Top gainers included Zomato and Kotak Mahindra Bank.
- Foreign institutional investors sold equities worth Rs 4,969.30 crore.
- Technical support is seen at 22,900-22,800.
Mumbai, Feb 13 (NationPress) The Indian benchmark indices commenced trading on a positive note on Thursday, driven by mixed signals from global markets, with notable buying activity observed in the PSU bank and financial service sectors.
At approximately 9:45 am, the Sensex was up by 244.25 points or 0.32 percent, reaching 76,415.33, while the Nifty increased by 79.25 points or 0.34 percent to trade at 23,124.50.
Within the National Stock Exchange (NSE), 1,528 stocks showed gains, whereas 781 stocks were in decline.
The Nifty Bank index rose by 85.65 points or 0.17 percent, hitting 49,565.10. The Nifty Midcap 100 index traded at 50,791.95, up by 35.55 points or 0.07 percent. Conversely, the Nifty Smallcap 100 index saw a decrease, settling at 15,995.25 after falling by 37.75 points or 0.24 percent.
Among the stocks in the Sensex group, notable gainers included Zomato, Kotak Mahindra Bank, Sun Pharma, Adani Ports, Bajaj Finserv, M&M, Bajaj Finance, ITC, Infosys, Tata Steel, SBI, and ICICI Bank. On the downside, stocks such as Titan, Tech Mahindra, Hindustan Unilever, IndusInd Bank, and NTPC were among the top losers.
The Dow Jones index dropped by 0.50 percent, closing at 44,368.56. The S&P 500 fell by 0.27 percent, finishing at 6,051.97, while the Nasdaq saw a slight increase of 0.03 percent, closing at 19,649.95 during the previous trading session.
In the Asian markets, Jakarta and China were in the red, while Seoul, Bangkok, Japan, and Hong Kong were trading positively.
Regarding institutional trading, foreign institutional investors (FIIs) continued their selling spree on February 12, offloading equities worth Rs 4,969.30 crore. Meanwhile, domestic institutional investors (DIIs) stepped in to support the market by purchasing equities worth Rs 5,929.24 crore on the same day.
On Wednesday, the Indian equity markets underwent a volatile session. However, a strong recovery from the intraday low of 22,798 helped mitigate initial losses, leading to a modest rebound and a subdued close for the Nifty.
“From a technical perspective, the 22,900-22,800 range appears to serve as a support zone. Any additional decline may disrupt the short-term technical framework. Conversely, resistance levels are anticipated between 23,250-23,350, with significant hurdles around the 23,400-23,500 zones,” stated Sameet Chavan, Head of Research, Technical and Derivative at Angel One.
Given the current market conditions, traders are advised to proceed with caution and await confirmation of price movements at critical levels prior to making new investments, according to Aakash Shah of Choice Broking.
