Mumbai, Jan 28 (IANS) The domestic benchmark indices opened higher on Tuesday after ending over seven-month low in the previous trading session.As of 9.33 a.m., the Sensex was 303 points or 0.41 per cent higher at 75,694 while the Nifty 50 went up 70 points or 0.30 per cent at 22,898.
HDFC Bank (NSE:HDBK), ICICI Bank (NSE:ICBK), Infosys (NSE:INFY), Axis Bank (NSE:AXBK) and State Bank of India (NSE:SBI) gained on the NSE Nifty 50 index in early trade. Nifty Bank was up over 1 per cent.
In Asia, Japanese shares led losses in equities following a bruising session on Wall Street as a Chinese artificial intelligence (AI) model by DeepSeek startup triggered a steep selloff in US semiconductor companies.
Nasdaq posted its biggest one-day percentage drop since December 18 on Monday (US time). AI major Nvidia sank 17 per cent, erasing about $593 billion in its stock market value.
According to experts, the levels of 23,000 and 23,050 would serve as key resistance areas for the Nifty, while 22800 and 22,750 could act as important support zones.
“If it falls below 22,750, selling pressure may intensify that could send market to 22600 levels. The strategy should be to reduce weak long positions around 23000-23050 levels. However, during the week, if it falls to 22600 then we should look for buying select stocks with a medium to long-term view," said Shrikant Chouhan, head, equity research, Kotak Securities.
On Monday, the Indian markets witnessed sharp selling throughout the trading session, following a gap-down opening.
The foreign institutional investors (FIIs) sold equities worth Rs 5,015 crore on January 28 and on the other hand, domestic institutional investors bought equities worth Rs 6,642 crore on the same day.
“Given the prevailing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying long positions overnight to effectively manage risk,” said Hardik Matalia from Choice Broking.
—IANS