Mumbai (Maharashtra) [India], September 23 (ANI): Indian benchmark indices opened in positive territory on Wednesday with Sensex surging over 200 points and Nifty hovering above 23,300 amid falling oil prices.
Both the indices opened with a gap-up; Nifty opened higher at 23,352.15 against the previous close of 23,329 and was trading at around 23,376.20, up 47.20 points or 0.20 per cent at 9:19 AM.
Likewise, Sensex opened at 74,648.32 against the previous close of 74,529.08 and was trading at around 74,729.92, up 200.84 points or 0.27 per cent at the same time.
Sectorally, most indices traded in the green; pressure was seen in IT, Pharma, PSU bank, and healthcare. Meanwhile, all broad market indices traded in the green during the early morning trade.
On BSE, Bajaj Finance, Bajaj Finserv, Adani Ports, Kotak Bank, Asian Paints, Trent, Hindustan Unilever, TATA Steel, Sun Pharma, Indi Go, Maruti, among others, were the top gainers. TCS, Infosys, HDFC Bank, BEL and M&M were top losers.
Likewise, on NSE, Bajaj Finance, Bajaj Finserv, Hindalco, JSW Steel, Shriram Finance, Tata Steel, LT, Sun Pharma, Nestle, Reliance, Grasim, HCL Tech, Max Health, ICICI Bank, NTPC, among others, were the top gainers. TCS, Infosys, ONGC, Wipro, BEL, among others, were the top drags.
In the commodity market, Brent crude was trading below USD 100, at around USD 98.43 per barrel, while crude oil was trading at around USD 89.23 per barrel.
According to market analyst Vipin Dixena, the Indian market is showing a positive start today as Brent crude has fallen sharply towards USD 98–99; however, the biggest concern continues to be FII selling.
He further noted that domestic institutional buying is providing support, but foreign selling is still preventing the market from building a stronger uptrend.
“Technically, 23,300 is the immediate level I am watching now. If Nifty holds this zone and reclaims 23,400–23,500, the recovery can regain momentum towards 23,600. On the downside, a decisive break below 23,200 can bring 23,000 back into focus. The broader technical structure remains cautious until Nifty convincingly crosses 23,500–23,600,” Dixena added.
As per V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, domestic liquidity is supporting the broader market. Market activity is now focused on the broader market.
“Good growth and better growth prospects are attracting investment into many mid-and small-caps. But valuations in these segments are getting stretched. This trend has created a dichotomy in valuations- attractively valued large-caps coexisting with highly valued mid-and small-caps. Experience tells us that reversion to the mean is inevitable, but its timing is hard to predict," he said. (ANI)
Indian markets open higher; Sensex gains over 200 points, Nifty above 23,300 amid falling oil prices
