Indian stock market opens flat amid geo-political tensions

Mumbai, April 30 (IANS) The domestic benchmark indices opened flat on Wednesday amid mixed global cues and geo-political tensions, as selling was seen in the PSU bank and financial service sectors in the early trade.

At around 9.32 am, Sensex was trading 7.72 points or 0.01 per cent down at 80,280.66 while the Nifty climbed 1 point or 0.00 per cent at 24,336.95.

Nifty Bank was down 197.50 points or 0.36 per cent at 55,193.75. The Nifty Midcap 100 index was trading at 54,356.00 after declining 231.95 points or 0.42 per cent. Nifty Smallcap 100 index was at 16,602.40 after dropping 136.30 points or 0.81 per cent.

According to analysts, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,700.

"The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,400. If the index advances further, 55,600 would be the initial key resistance, followed by 55,900 and 56,200," said Hardik Matalia from Choice Broking.

Sensex witnessed a positive opening but fizzled out once again hovering near the 80300 zone with bias still maintained positive, said experts.

"As mentioned earlier, the index would need a decisive breach above the resistance zone of 80,400 level to trigger for a breakout anticipating for further rise in the coming days having the crucial support positioned near the 79,100 level of the 200 period MA, which needs to be sustained," said Vaishali Parekh, Vice President-Technical Research PL Capital Group

“For Nifty, the support for the day is seen at 24,200 levels while the resistance is seen at 24,500 levels," she added.

Meanwhile, in the Sensex pack, Bajaj Finserv, Bajaj Finance, IndusInd Bank, Tata Motors, Eternal, SBI and Tata Steel were the top losers. HDFC Bank, Sun Pharma, Bharti Airtel, Power Grid and Hindustan Unilever Limited were the top losers.

In the Asian markets, China and Seoul were trading in red, whereas, Bangkok, Jakarta, Hong Kong and Japan markets were trading in green.

In its last trading session, Dow Jones in the US added 0.75 per cent to close at 40,527.62. The S&P 500 climbed 0.58 per cent to 5,560.83 and the Nasdaq added 0.55 per cent to close at 17,461.32.

On the institutional front, foreign institutional investors (FIIs) remained consistent net buyers, marking their tenth straight session of inflows with Rs 2,385.61 crore on April 29. Domestic institutional investors (DIIs) also remained consistent net buyers, marking their third straight session of inflows with Rs 1,369.19 crore on the same day.

--IANS

skt/na