Indian Stock Market Opens Higher on Mixed Global Signals
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Synopsis
On April 2, the Indian equity market opened positively with significant contributions from major companies like Infosys and ICICI Bank, despite mixed signals from global markets. The Sensex and Nifty indices showed upward trends while midcap and smallcap sectors faced challenges.
Key Takeaways
- Indian equity indices started positively.
- Major contributors included Infosys, ICICI Bank, and Tech Mahindra.
- Midcap and smallcap stocks faced declines.
- Sector performance varied, with Autos and IT leading gains.
- FIIs continued selling while DIIs were net buyers.
Mumbai, April 2 (NationPress) The Indian stock market saw a positive start on Wednesday, buoyed by major players such as Infosys, ICICI Bank, Tech Mahindra, and Maruti Suzuki, which enhanced market sentiment despite mixed global cues.
At 9:20 am, the Sensex increased by 178 points or 0.24 percent to reach 76,203, while the Nifty rose by 29 points or 0.13 percent to 23,195.
On the BSE, 1,017 stocks registered gains, 1,533 stocks recorded losses, and 127 remained unchanged.
During the initial trading hours, midcap and smallcap stocks experienced selling pressure. The Nifty midcap 100 index decreased by 278 points or 0.54 percent, settling at 50,951, while the Nifty smallcap 100 index fell by 158 points or 0.99 percent to 15,824.
Sector-wise, the Auto, IT, financial services, realty, and private bank sectors emerged as the top gainers, whereas FMCG, metal, energy, and infrastructure sectors faced significant declines.
Within the Sensex constituents, notable gainers included Infosys, HDFC Bank, Maruti Suzuki, Tech Mahindra, ICICI Bank, Bharti Airtel, M&M, Kotak Mahindra, Axis Bank, Bajaj Finserv, and L&T. Conversely, Nestle, Power Grid, NTPC, UltraTech Cement, HUL, Tata Motors, HCL Tech, and SBI were also among the major gainers.
According to Hardik Matalia, a Derivative Analyst at Choice Broking, after a flat opening, the Nifty is anticipated to find support at 23,100, followed by 23,000 and 22,950.
“On the upside, 23,300 is expected to act as immediate resistance, followed by 23,400 and 23,500,” he added.
Asian markets exhibited mixed performances, with Tokyo, Seoul, and Hong Kong trading in the red, while Shanghai and Bangkok showed positive trends.
US markets also exhibited a mixed trading pattern in Tuesday’s session, with a slight decline in the Dow. Conversely, the Nasdaq, representing technology stocks, closed 0.87 percent higher.
On April 1, foreign institutional investors (FIIs) continued their selling streak for the second consecutive session, offloading equities worth Rs 5,901 crore. In contrast, domestic institutional investors (DIIs) sustained their buying trend for the third consecutive day, acquiring equities worth Rs 4,322 crore on the same day.
