Indian Stock Market Starts Steady as FIIs Resume Buying

Synopsis

On March 19, the Indian stock market opened flat amid mixed global cues. Purchasing activity was noted in the PSU bank and metal sectors. Key indices showed slight gains, with FIIs ending their selling streak by buying equities worth ₹694.57 crore.

Key Takeaways

Domestic indices opened flat amid mixed global cues.
PSU banks and metals showed early buying activity.
FIIs resumed buying after 17 sessions of selling.
Sensex and Nifty showed minor gains in early trade.
Market analysts predict possible resistance and support levels for Nifty.

Mumbai, March 19 (NationPress) The domestic benchmark indices opened on a steady note on Wednesday, influenced by mixed global cues, with early trading showing an uptick in the PSU bank and metal sectors.

As of approximately 9:30 am, the Sensex was up by 17.21 points, or 0.02 percent, at 75,318.47, while the Nifty gained 4.65 points, or 0.02 percent, reaching 22,838.95.

The Nifty Bank index rose by 271.95 points, or 0.55 percent, to 49,586.45. The Nifty Midcap 100 index was trading at 49,994.30, reflecting a gain of 477.40 points, or 0.96 percent. Meanwhile, the Nifty Smallcap 100 index stood at 15,512.00, climbing by 137.30 points, or 0.89 percent.

Market analysts suggest that after a positive start, the Nifty is expected to find support at 22,750, with further levels at 22,650 and 22,550. On the upside, 22,950 could serve as immediate resistance, followed by 23,000 and 23,100.

“The Sensex has shown signs of a strong recovery after a prolonged period of decline, closing above the 20 DMA level of the 74,500 zone, indicating improved bias and sentiment,” stated Vaishali Parekh, Vice President - Technical Research at PL Capital Group.

She further mentioned that a decisive break above the 50 EMA level of 75,920 would solidify this conviction, hinting at greater stability in the upcoming sessions.

In the Sensex pack, notable gainers included Tata Steel, Zomato, IndusInd Bank, Bajaj Finserv, SBI, Bajaj Finance, Adani Ports, Bharti Airtel, and Tata Motors. Conversely, the biggest losers were HCL Tech, TCS, Infosys, Tech Mahindra, Sun Pharma, Maruti Suzuki, ICICI Bank, ITC, and Titan.

In the previous trading session, the Dow Jones fell by 0.62 percent, closing at 41,581.31. The S&P 500 decreased by 1.07 percent to 5,614.66, while the Nasdaq dropped 1.71 percent to close at 17,504.12.

Within the Asian markets, only China was in the red, while Japan, Seoul, Hong Kong, Jakarta, and Bangkok showed positive movements.

After being net sellers for 17 consecutive sessions, Foreign Institutional Investors (FIIs) purchased equities worth ₹694.57 crore on March 18. Additionally, Domestic Institutional Investors (DIIs) bought equities amounting to ₹2,534.75 crore on the same day.