Indian stock market opens in green, Nifty above 23,500
Mumbai, March 27 (IANS/WISHAVWARTA) The domestic benchmark indices opened in green on Thursday amid mixed global cues, as selling was seen in the auto sector in the early trade.
At around 9.26 am, Sensex was trading 112.96 points or 0.15 per cent up at 77,401.46 while the Nifty added 28.20 points or 0.12 per cent at 23,515.05
Nifty Bank was up 80.55 points or 0.16 per cent at 51,289.55. The Nifty Midcap 100 index was trading at 51,605.10 after declining 41.05 points or 0.08 per cent. Nifty Smallcap 100 index was at 15,891.85 after declining 44.90 points or 0.28 per cent.
According to market watchers, Nifty has broken the steep rising trend line. On the hourly chart, it is possibly forming a flag pattern.
“40HEMA and lower end of flag pattern are almost at the same level. 40HEMA at 23390 will be an important support level to watch out for on the way down,” said Vikram Kasat, Head-Advisory, PL Capital.
“The upper end of the flag pattern is at 23,620 Breaking out from the flag pattern will be an indication of a bullish continuation pattern where the Nifty can retest its recent high of 23,896 and continue its bullish trend,” Kasat added.
Meanwhile, In the Sensex pack, L&T, Zomato, PowerGrid, ICICI Bank, Infosys, Titan, Bharti Airtel and UltraTech Cement were the top gainers. Whereas, Tata Motors, IndusInd Bank, M&M, Asian Paints, Sun Pharma and Hindustan Unilever Limited were the top losers.
In the last trading session, Dow Jones in the US declined 0.31 per cent to close at 42,454.79. The S&P 500 declined 1.12 per cent to 5,712.20 and the Nasdaq declined 2.04 per cent to close at 17,899.02.
“The market is still waiting on precise details of the president’s reciprocal tariffs. Time is running out; they’re set to go into effect on April 2,” said experts.
In the Asian markets, Japan and Seoul were trading in red. Whereas Hong Kong and China and Jakarta were trading in green.
Regarding the institutional activity, foreign Institutional Investors (FIIs) purchased equities worth Rs 2,240.55 crore on March 26, while domestic institutional investors (DIIs) sold equities worth Rs 696.37 crore on the same day.
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