The domestic benchmark indices opened lower on Thursday amid negative global cues. In the early trade, selling was seen in the IT and auto sectors.
At around 9.26 am, the Sensex was trading 726.42 points or 0.89 per cent down at 80,870.21, while the Nifty declined 225.0 points or 0.91 per cent at 24,588.45
The Nifty Bank was down 336.20 points, or 0.61 percent, at 54,738.90. The Nifty Midcap 100 index was trading at 56,312.00 after dropping 307.60 points, or 0.54 percent. The Nifty Smallcap 100 index was at 17,509.10 after declining 39.50 points, or 0.23 percent.
According to analysts, a breakout above or below the inside bar’s range could technically offer clear directional cues. On the downside, 24,600 remains a critical immediate support, with more substantial support near 24,500. A breakdown below this level could increase selling pressure and drag the Nifty index toward the 24,300–24,000 zone.
“On the upside, 24,900 acts as the initial resistance, while 25,000 is a key psychological barrier. A decisive move above this level may trigger a bullish rally toward the 25,200–25,500 zone,” said Mandar Bhojane, Equity Research Analyst of Choice Broking.
Meanwhile, only Adani Ports and Tata Steel were the top gainers in the Sensex pack. Indusind Bank, Tech Mahindra, Powergrid, HCL Tech, Nestle India, and Hindustan Unilever Limited were the top losers.
In the Asian markets, China, Hong Kong, Bangkok, Seoul, and Japan were trading in the red, while only Jakarta was trading in green.
In the last trading session, the Dow Jones in the US closed at 41,860.44, down 816.80 points, or 1.91 percent. The S&P 500 ended with a loss of 95.85 points, or 1.61 percent, at 5,844.61, and the Nasdaq closed at 18,872.64, down 270.07 points, or 1.41 percent.
Wall Street suffered steep losses during Wednesday’s session as multiple headwinds converged to weigh on investor sentiment.
“The major averages rebounded from initial declines but slumped back into negative territory as the day progressed, ending sharply lower despite recovering from their worst levels,” said experts.
On the institutional front, foreign institutional investors (FIIs) were net buyers, buying equities worth 2,201.79 crore on May 21, while domestic institutional investors (DIIs) purchased equities worth 683.77 crore.
–IANS
Indian Stock Market Opens Lower; Selling Seen In IT, Auto Sectors
Staff reporter
The domestic benchmark indices opened lower on Thursday amid negative global cues. In the early trade, selling was seen in the IT and auto sectors.
At around 9.26 am, the Sensex was trading 726.42 points or 0.89 per cent down at 80,870.21, while the Nifty declined 225.0 points or 0.91 per cent at 24,588.45
The Nifty Bank was down 336.20 points, or 0.61 percent, at 54,738.90. The Nifty Midcap 100 index was trading at 56,312.00 after dropping 307.60 points, or 0.54 percent. The Nifty Smallcap 100 index was at 17,509.10 after declining 39.50 points, or 0.23 percent.
According to analysts, a breakout above or below the inside bar’s range could technically offer clear directional cues. On the downside, 24,600 remains a critical immediate support, with more substantial support near 24,500. A breakdown below this level could increase selling pressure and drag the Nifty index toward the 24,300–24,000 zone.
“On the upside, 24,900 acts as the initial resistance, while 25,000 is a key psychological barrier. A decisive move above this level may trigger a bullish rally toward the 25,200–25,500 zone,” said Mandar Bhojane, Equity Research Analyst of Choice Broking.
Meanwhile, only Adani Ports and Tata Steel were the top gainers in the Sensex pack. Indusind Bank, Tech Mahindra, Powergrid, HCL Tech, Nestle India, and Hindustan Unilever Limited were the top losers.
In the Asian markets, China, Hong Kong, Bangkok, Seoul, and Japan were trading in the red, while only Jakarta was trading in green.
In the last trading session, the Dow Jones in the US closed at 41,860.44, down 816.80 points, or 1.91 percent. The S&P 500 ended with a loss of 95.85 points, or 1.61 percent, at 5,844.61, and the Nasdaq closed at 18,872.64, down 270.07 points, or 1.41 percent.
Wall Street suffered steep losses during Wednesday’s session as multiple headwinds converged to weigh on investor sentiment.
“The major averages rebounded from initial declines but slumped back into negative territory as the day progressed, ending sharply lower despite recovering from their worst levels,” said experts.
On the institutional front, foreign institutional investors (FIIs) were net buyers, buying equities worth 2,201.79 crore on May 21, while domestic institutional investors (DIIs) purchased equities worth 683.77 crore.
–IANS
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