Indian Stock Market Starts Strong, Nifty Surpasses 23,500
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Synopsis
The Indian stock market opened positively on March 27, with the Nifty surpassing 23,500, amid mixed global cues. Auto sector selling was noted early in the day, while key indices exhibited varied movements. Analysts highlight the importance of monitoring specific technical levels for future market direction.
Key Takeaways
- Mumbai sees positive market opening.
- Nifty above 23,500.
- Top gainers include L&T and Infosys.
- Key support at 23,390.
- FIIs net buyers while DIIs net sellers.
Mumbai, March 27 (NationPress) The domestic benchmark indices commenced trading positively on Thursday, buoyed by mixed global signals, although a decline was observed in the auto sector during early trading.
As of approximately 9:26 AM, the Sensex was up by 112.96 points or 0.15 percent, reaching 77,401.46, while the Nifty increased by 28.20 points or 0.12 percent to 23,515.05.
The Nifty Bank index rose by 80.55 points or 0.16 percent to 51,289.55. Conversely, the Nifty Midcap 100 index was at 51,605.10, down by 41.05 points or 0.08 percent, and the Nifty Smallcap 100 index stood at 15,891.85, decreasing by 44.90 points or 0.28 percent.
Market analysts indicate that the Nifty has breached a steep rising trend line and might be forming a flag pattern on the hourly chart.
"40HEMA and the lower boundary of the flag pattern are nearly aligned, with the 40HEMA at 23,390 serving as a crucial support level to monitor in case of a downturn," stated Vikram Kasat, Head of Advisory at PL Capital.
"The upper boundary of the flag pattern is positioned at 23,620. A breakout from this flag pattern would suggest a bullish continuation, allowing the Nifty to potentially retest its recent peak of 23,896 and maintain its upward trend," Kasat added.
In the Sensex category, top gainers included L&T, Zomato, PowerGrid, ICICI Bank, Infosys, Titan, Bharti Airtel, and UltraTech Cement. In contrast, the top losers were Tata Motors, IndusInd Bank, M&M, Asian Paints, Sun Pharma, and Hindustan Unilever Limited.
During the previous trading session, the Dow Jones in the US dropped by 0.31 percent, closing at 42,454.79. The S&P 500 fell by 1.12 percent to 5,712.20, while the Nasdaq decreased by 2.04 percent, finishing at 17,899.02.
"The market is still anticipating specific details regarding the president's reciprocal tariffs. Time is of the essence; these tariffs are scheduled to take effect on April 2," experts noted.
In Asian markets, Japan and Seoul were seeing declines, while Hong Kong, China, and Jakarta were experiencing gains.
Regarding institutional activity, foreign institutional investors (FIIs) bought equities worth Rs 2,240.55 crore on March 26, whereas domestic institutional investors (DIIs) sold equities worth Rs 696.37 crore on the same day.
