Indian stock markets opened on a positive note on Wednesday, supported by gains in auto, IT, and PSU Bank sectors, despite mixed global market trends. Early trade saw both Sensex and Nifty rising significantly, reflecting investor optimism following recent losses.
As of 9:31 AM, the BSE Sensex surged by 358.34 points or 0.49%, reaching 73,348.27. The NSE Nifty also climbed 106.40 points or 0.48%, standing at 22,189.05. Meanwhile, the Nifty Bank index added 147.80 points or 0.31%, trading at 48,393. The Nifty Midcap 100 index registered a gain of 329.30 points or 0.69%, reaching 48,337.15, while the Nifty Smallcap 100 index rose by 146.80 points or 0.99%, touching 14,909.40.
Market analysts suggested that while Wall Street’s overnight weakness might have dampened sentiment, positive cues from other Asian markets helped boost investor confidence. On Tuesday, the Nifty had ended in red for the tenth consecutive session, raising concerns among traders about market stability.
According to Prashanth Tapse, Senior Vice President (Research) at Mehta Equities, “The market is grappling with uncertainty due to escalating trade tensions and the potential impact of former US President Donald Trump’s proposed tariff policies. Additionally, concerns over an economic slowdown and persistent US inflation have kept investors cautious.”
He further highlighted that if Nifty fails to hold the 22,000 mark on a closing basis, the next significant support level could be around 21,281. Given the market’s ongoing volatility, experts recommend traders adopt a cautious approach, implement strict stop-loss strategies, and avoid holding overnight positions.
Among the top gainers in the Sensex pack were HCL Tech, Mahindra & Mahindra, PowerGrid, Tech Mahindra, Zomato, Tata Steel, Tata Motors, and ICICI Bank. On the other hand, Bajaj Finance, Bajaj Finserv, UltraTech Cement, and HDFC Bank emerged as the major losers in early trade.
In the previous trading session, the Dow Jones Industrial Average dropped 1.55% to close at 42,520.99, while the S&P 500 fell 1.22% to 5,778.15. The Nasdaq declined 0.35% to finish at 18,285.16. However, key Asian markets, including Bangkok, China, Japan, Seoul, Jakarta, and Hong Kong, were seen trading in the green, offering some relief to investors.
On March 4, foreign institutional investors (FIIs) continued their selling spree, offloading equities worth Rs 3,405.82 crore. In contrast, domestic institutional investors (DIIs) remained net buyers, acquiring equities worth Rs 4,851.43 crore, which provided some stability to the Indian markets.
