Indian Stock Market Opens Higher, Nifty Surpasses 22,500
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Synopsis
On March 10, the Indian stock market opened positively with the Nifty surpassing 22,500, buoyed by buying in IT, PSU banks, and financial services sectors despite mixed global cues.
Key Takeaways
- Sensex rose by 125.06 points.
- Nifty increased by 39.35 points.
- Focus on domestic consumption themes advised.
- Support for Nifty seen at 22,450.
- Top gainers included Sun Pharma and Bajaj Finance.
Mumbai, March 10 (NationPress) The Indian benchmark indices commenced the day on a positive note on Monday, influenced by mixed global signals. Early transactions indicated increased buying activity in the IT, PSU bank, and financial services sectors.
As of approximately 9:30 am, the Sensex climbed by 125.06 points or 0.17 percent to reach 74,457.64, while the Nifty saw an increase of 39.35 points or 0.17 percent, standing at 22,591.85.
The Nifty Bank index experienced a slight decline of 7.00 points or 0.01 percent, settling at 48,490.50. Meanwhile, the Nifty Midcap 100 index was seen at 49,305.15, reflecting a gain of 114.55 points or 0.23 percent, and the Nifty Smallcap 100 index rose 35.65 points or 0.23 percent to 15,539.95.
Market analysts are pondering whether the Nifty’s impressive performance from last week will persist as a new trading week begins.
The diminished volume of FII selling observed last week is a promising sign. However, the market's momentum may not sustain due to high levels of uncertainty.
“Investors are advised to adopt a cautious approach by concentrating on domestic consumption segments that remain insulated from potential tariffs. Export-driven areas such as IT and pharmaceuticals may experience volatility in response to developments regarding US actions,” stated V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Following an initial dip, the Nifty may find support at 22,450, followed by levels at 22,350 and 22,300. On the upside, an immediate resistance level is seen at 22,600, with further resistance at 22,700 and 22,800, according to experts.
Among the Sensex constituents, notable gainers included Sun Pharma, Bajaj Finance, Axis Bank, Bajaj Finserv, Bharti Airtel, PowerGrid, and Tata Steel. Conversely, IndusInd Bank, M&M, L&T, ITC, Titan, and Maruti Suzuki were the top losers.
In the last trading session on Friday, the Dow Jones rose by 0.52 percent to close at 42,801.72. The S&P 500 increased by 0.55 percent to 5,770.20, while the Nasdaq grew by 0.70 percent to finish at 18,196.22.
In the Asian markets, only Japan and Seoul were trading positively, while Bangkok, China, Jakarta, and Hong Kong were in the negative territory.
Foreign Institutional Investors (FIIs) continued their selling trend on March 7, offloading equities worth Rs 2,035.10 crore. Conversely, Domestic Institutional Investors (DIIs) purchased shares worth Rs 2,320.36 crore on the same day.
