Mumbai, March 12 (IANS) The Indian equity benchmark indices opened flat on Wednesday amid mixed global cues, as buying was seen in the auto and PSU Bank sectors in the early trade.At around 9.28 am, Sensex was trading 22.30 points or 0.03 per cent up at 74,080.02 while the Nifty added 24.65 points or 0.11 per cent at 22,473.25.
Nifty Bank was up 231.40 points or 0.48 per cent at 47,867.05. The Nifty Midcap 100 index was trading at 48,904.40 after climbing 141.65 points or 0.29 per cent. Nifty Smallcap 100 index was at 15,128.75 after adding 52.85 points or 0.35 per cent.
According to market watchers, After a flat opening, Nifty can find support at 22,400 followed by 22,300 and 22,200. On the higher side, 22,600 can be an immediate resistance, followed by 22,700 and 22,800.
"Given the ongoing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying overnight positions,” said Hardik Matalia of Choice Broking
Meanwhile, in the Sensex pack, Bharti Airtel (NSE:BRTI), Tata Motors (NSE:TAMO), HDFC Bank (NSE:HDBK), Zomato (NSE:ZOMT), PowerGrid, Sun Pharma (NSE:SUN) and Kotak Mahindra Bank (NSE:KTKM) were the top gainers. Whereas, IndusInd Bank (NSE:INBK), Infosys (NSE:INFY), HCLTech and TCS (NSE:TCS) were the top losers.
According to market watchers, investors should keep in mind two important features of the near-term trend in stock markets.
Globally, the markets are weak and jittery on concerns arising from the tariff policy uncertainties. This is likely to linger and may even get worse as reciprocal tariffs kick in from early April. In this scenario there is no scope for a sustained recovery in global markets. In fact further downtrend is likely, they added.
In the last trading session, Dow Jones declined 1.14 per cent to close at 41,433.48. The S&P 500 declined 0.76 per cent to 5,572.07 and the Nasdaq dropped 0.18 per cent to close at 17,436.10.
In the Asian markets, Japan, Seoul and Jakarta were trading in green. Whereas Bangkok, China, and Hong Kong were trading in red.
The foreign institutional investors (FIIs) continued their selling on March 11 as they sold equities worth Rs 2,823.76 crore. On the other hand, domestic institutional investors (DIIs) continued their buying as they bought equities worth Rs 2,001.79 crore, on the same day.
--IANS
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