Sensex, Nifty open flat after Wednesday rebound, global cues to give direction to market

MUMBAI: Indian equity markets opened flat on Thursday, buoyed by strong buying at oversold levels by domestic investors. The Sensex gained 34.39 points to close at 73,764.62, while the Nifty rose 26.75 points to settle at 22,364.05.

Among Nifty stocks, 28 advanced while 22 declined. The top gainers included BPCL, Asian Paints, Shriram Finance, Reliance, and Tata Steel, whereas SBI Life, Britannia, Infosys, Bharti Airtel, and Trent were among the top losers. The market’s rebound comes after a prolonged period of weakness, with Nifty breaking its worst-ever 10-day losing streak on Tuesday by surging 1.2 per cent.

Commenting on the market movement, Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty finally ended its worst-ever streak of 10 days down straight, by climbing 1.2 per cent yesterday. That the recovery came from the upper-end of a key support zone is encouraging, with the fact that the broader NSE500, smallcaps and midcaps have outperformed the Nifty over the last three sessions or so is even more so”.

He added, “Yesterday’s rally means support has moved higher into the 22100 – 22187 area, which means the odds of heading into the 22410 – 22720 resistance zone are higher. A daily close that ends above 22508 will be a tactical shot-in-the-arm for bulls”.

However, experts caution that global uncertainties could impact the rally. Ajay Bagga, banking and market expert, remarked, “The sustenance of this recovery will depend on cooling of global risk off appetite, especially on the disruption caused by Trump’s unpredictability and “break first and ask later “policy. India is scrambling to reach an agreement with Trump on tariffs before the April 2 deadline. The FPI selling continues but domestic buying is absorbing it for now”.

As markets look for direction, investors will be watching global cues and policy developments closely in the coming sessions. (ANI)