Indian equity indices opened Wednesday’s trading session on a flat note. The NSE Nifty 50 opened 18 points, or 0.07%, higher at 24,844, while the BSE Sensex opened 35 points, or 0.04%, higher at 81,586.
Bank Nifty opened 99 points or 0.18% higher at 55,452. In lin with the key indices, the midcap stocks opened the trade on a positive. The Nifty Midcap 100 advanced 89 points, or 0.16%, to open at 57,244.10.
“The nifty ended lower yesterday in a rather volatile trading session. Technically speaking, 24,462 remains a critical swing low. If it holds – and this is the preferred view – the market will target first resistance at 25,116 and then 25,390. On the other hand, should 24,462 break, a “rising wedge” pattern will be activated, with a downside target set near the 23,900 – 24,000 area. We mentioned 24,822 yesterday as important short-term support, and despite falling below this level, the index closed slightly above it. The message is that this level remains important tactically,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Jio Financial Services, Infosys, HCL Technologies, Wipro, and Bharti Airtel. The top movers in the Nifty 50 were Infosys, TCS, Bharti Airtel, Jio Financial Services, and HDFC Life Insurance as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included ITC, JSW Steel, Titan, Neste India, and IndusInd Bank, which were the laggards in the morning trade.
All eyes on Q4 earnings
Investors are closely tracking a string of quarterly results scheduled for today. Major names like Bata India, Cummins India, Dr Agarwals Health Care, EMS, Finolex Cables, Dr Agarwals Eye Hospital, Granules India, Indian Railway Catering and Tourism Corporation, Hinduja Global Solutions, Mamata Machinery, Steel Authority of India, Natco Pharma, and TVS Supply Chain Solutions will announce their quarterly earnings scorecard on May 28.