Indian equity indices opened Wednesday’s trading session on a flat note. The NSE Nifty 50 opened 39 points, or 0.16%, higher at 24,581, while the BSE Sensex opened 179 points, or 0.22%, higher at 80,916.80.
Bank Nifty opened 117.75 points or 0.21% higher at 55,717.70. In line with the overall market sentiment, the Nifty Midcap 100 advanced 149 points, or 0.25%, to open at 57,666.
The Nifty auto index was the major mover among the sectoral indices, gaining 0.44%. It was followed by tech and finance stocks that sat at the top ranks in the Nifty 50.
Also, a flurry of block deals is expected in today’s session.
“The recent Nifty range of 24,000-25,000 is likely to persist in the near term. In the medium term, a breakout above 25,000 is a clear possibility rather than a breakdown below 24000. Unexpected developments, however, can alter the scenario. The strong fundamental factors that will support the market are India’s robust and improving macros and sustained flows into mutual funds, particularly the SIP inflows, which are steady and growing. This reflects the coming of age of the Indian retail investor,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Tata Motors, Shriram Finance, Zomato, Bharti Airtel, and Bharat Electronics. The top movers in the Nifty 50 were Bharti Airtel, HDFC Bank, M&M, Zomato, and Tata Motors as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included UltraTech Cement, JSW Steel, Coal India, Titan, and ICICI 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 Allied Digital Services, Ashapura Intimates Fashion, Arcotech, Euro Asia Exports, Hardwyn India, Royal Cushion Vinyl Products, Sampre Nutritions, and Starlit Power Systems will announce their quarterly earnings scorecard on June 04.