Indian Equity Indices Open in Green, Led by Infosys, ICICI Bank, and Maruti Suzuki
Indian equity indices opened on a positive note on Wednesday, with heavyweights like Infosys, ICICI Bank, Tech Mahindra, and Maruti Suzuki driving market sentiment, despite mixed global cues.
By 9:20 AM, the BSE Sensex was up by 178 points, or 0.24%, at 76,203, while the Nifty gained 29 points, or 0.13%, to reach 23,195.
Out of the 3,677 shares traded on the Bombay Stock Exchange (BSE), 1,017 advanced, 1,533 declined, and 127 remained unchanged.
Midcap and Smallcap Stocks Struggling
However, the early trading hours saw a decline in midcap and smallcap stocks. The Nifty midcap 100 index dropped by 278 points, or 0.54%, to 50,951, while the Nifty smallcap 100 index fell by 158 points, or 0.99%, to 15,824.
Sectoral Performance
On the sectoral front, the Auto, IT, financial services, realty, and private bank sectors were the major gainers. In contrast, FMCG, metal, energy, and infrastructure sectors witnessed a decline.
Sensex Gainers and Losers
Among the top gainers in the Sensex pack were Infosys, HDFC Bank, Maruti Suzuki, Tech Mahindra, ICICI Bank, Bharti Airtel, M&M, Kotak Mahindra, Axis Bank, Bajaj Finserv, and L&T. On the losing side, Nestle, Power Grid, NTPC, UltraTech Cement, HUL, Tata Motors, HCL Tech, and SBI saw declines.
Market Outlook
Hardik Matalia, Derivative Analyst at Choice Broking, noted that after a flat opening, Nifty might find support at 23,100, followed by 23,000 and 22,950. On the higher side, the immediate resistance level is 23,300, followed by 23,400 and 23,500.
Global Market Overview
Asian markets were mixed, with Tokyo, Seoul, and Hong Kong in the red, while Shanghai and Bangkok were in the green. In the US, markets saw mixed results on Tuesday, with the Dow seeing a slight decline, while the Nasdaq, which tracks technology stocks, closed 0.87% higher.
Foreign and Domestic Institutional Activity
Foreign Institutional Investors (FIIs) continued their selling for the second consecutive session on April 1, offloading equities worth Rs 5,901 crore. Meanwhile, Domestic Institutional Investors (DIIs) continued their buying spree for the third consecutive day, purchasing equities worth Rs 4,322 crore on the same day.
Overall, the Indian equity market is seeing positive movement driven by strong performances from key stocks, though there is mixed sentiment in midcap and smallcap stocks. Investors are advised to monitor global market trends and sector performance closely.
