Indian Stock Market Starts on a Positive Note with Sensex Exceeding 79,500
Click to start listening
Synopsis
On April 22, the Indian stock market opened higher with the Sensex surpassing 79,500, driven by positive global cues. Sectors like auto and financial services saw significant buying. Analysts suggest that the Nifty's resistance level stands at March's peak of 23,870, indicating potential for further movements.
Key Takeaways
- Sensex opens at 79,543.37, up 0.17%.
- Nifty shows a modest increase to 24,163.20.
- Key sectors include auto, PSU bank, and financial services.
- Resistance at 23,870, support at 23,460.
- FIIs continue to buy, boosting market confidence.
Mumbai, April 22 (NationPress) The domestic benchmark indices began the day slightly higher on Tuesday, buoyed by favorable global signals, with notable buying activity in the auto, PSU bank, and financial services sectors during the early session.
As of approximately 9:34 AM, the Sensex was up by 134.87 points or 0.17 percent, reaching 79,543.37, while the Nifty increased by 37.65 points or 0.16 percent to stand at 24,163.20.
The Nifty Bank index rose by 78.85 points or 0.14 percent to 55,383.35. The Nifty Midcap 100 index was trading at 54,273.90, gaining 299.45 points or 0.55 percent. The Nifty Smallcap 100 index reached 16,851.45, up by 78.10 points or 0.47 percent.
Market analysts indicate that the Nifty has returned to its March peak of 23,870, which may serve as a crucial resistance level in the near future.
"Should the Nifty index struggle to break and maintain a position above 23,870, it might experience some corrections or sideways movements. On the downside, the 20 HMA at 23,460 will be a significant support level if corrections occur. Conversely, a sustained breakout above 23,870 could lead to upside levels of 24,250 to 24,500," noted Vikram Kasat, Head - Advisory at PL Capital.
Within the Sensex constituents, the top gainers included Eternal, Tata Steel, Kotak Mahindra Bank, HDFC Bank, Bajaj Finance, and Hindustan Unilever Limited. In contrast, IndusInd Bank, Infosys, Power Grid, Asian Paints, and HCL Tech were among the top losers.
In the previous trading session, the Dow Jones in the United States fell by 2.48 percent to close at 38,170.41. The S&P 500 dropped 2.36 percent to 5,158.20, while the Nasdaq decreased by 2.55 percent, finishing at 15,870.90.
Asian markets exhibited mixed results, with Japan, Hong Kong, and Bangkok trading lower, while Jakarta, Seoul, and China showed gains.
"Even with global markets trending downwards, persistent buying by Foreign Institutional Investors (FIIs) has bolstered confidence in the domestic outlook," stated Hardik Matalia, Derivative Analyst at Choice Broking.
On April 21, foreign institutional investors (FIIs) purchased equities worth Rs 1,970.17 crore, while domestic institutional investors (DIIs) bought Rs 246.59 crore in equities on the same day.
