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The stock market commenced trading on a subdued note today, with both the Sensex and Nifty indices opening in negative territory.
The market witnessed a flat opening, reflecting cautious investor sentiment amid mixed global cues. The BSE Sensex opened 178.02 points lower at 72,433.69, while the NSE Nifty started the day with a decline of 60.30 points, opening at 21,951.65. The early trading session saw 22 advances and 28 declines among the Nifty companies. In the initial trading hours, notable gainers among Nifty companies included UPL, Titan, Ultra Cement, Hindustan Unilever, and Adani Enterprises, while Infosys, HDFC Life, Kotak Bank, Bajaj Auto, and Hindalco were among the top losers. The subdued opening of the stock market was influenced by mixed global market cues. The Gift Nifty, which indicates Nifty futures, was trading at approximately 22,091, indicating a discount of nearly 15 points from the previous close. On Thursday, both indices exhibited strong gains, with the Sensex surging by 539.50 points to close at 72,641.19, and the Nifty 50 settling 172.85 points higher at 22,011.95. Varun Aggarwal, founder and managing director, Profit Idea, said, "The positive movement on Thursday marked a pullback rally following a recent downward correction." He added, "Technical analysis suggests the potential for further upside momentum, with the Nifty 50 possibly targeting crucial resistance levels of 22,150 - 22,200 in the short term. Conversely, a decline could lead to a retest of support around 21,700 levels." Open Interest (OI) data for Nifty options indicates significant activity, with the highest OI on the call side at the 22,200 strike price and on the put side at the 21,800 strike price. Foreign institutional investors (FIIs) were net sellers of shares worth Rs 1,826.97 crore on March 21, while domestic institutional investors (DIIs) bought Rs3,208.87 crore worth of stocks, according to provisional data from the NSE. In global markets, Asian equities retreated after US stocks reached another record high. Economic data releases in the US suggested a resilient economy, potentially impacting interest rate trajectories. Central banks' actions, including rate cuts by the Swiss National Bank and Mexico's central bank, also influenced market sentiment. Traders are closely monitoring geopolitical tensions in the Middle East and developments in cryptocurrencies and commodities markets. The Indian stock market's performance is expected to remain volatile, with investors closely monitoring global developments and domestic economic indicators for further cues. (ANI)
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