Indian equity indices opened Wednesday’s trading session on a subdued note, with a negative bias. The NSE Nifty 50 opened 47 points or 0.18% lower at 25,863. The BSE Sensex opened 78 points or 0.09% lower at 84,595. It’s now trading above 200 points.
The Bank Nifty opened 117 points or 0.20% lower at 58,782. Similarly, the small and mid-cap stocks were in line with benchmarks. The Nifty Midcap opened 68 points or 0.11% lower at 60,754.
The shares of Groww hit a lower circuit of 10% after rallying for the past six days, continuously. The fall in the stock price came after over 30 lakh shares the company were pushed into the auction window at NSE, reported Moneycontrol.
“Technically, after a sluggish start, the market recovered sharply. On the daily chart, it has formed a bearish candle, indicating further weakness from current levels. However, the short-term market outlook remains positive,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
“We believe the 20-day SMA (simple moving average) around 25,800 and 25,700 would act as key support zones for traders. As long as the market trades above these levels, the positive trend is likely to continue,” he added.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Hindustan Unilever, Infosys, Shriram Finance, Tata Consumer Products, and TCS. On the flip side, the key laggards in the Nifty 50 pack included Bharat Electronics, Tata Motors PV, Eicher Motors, Max Healthcare, and InterGlobe Aviation (IndiGo).
Major movers on Wedensday
The stocks that were the major movers in the opening trade included Infosys, Hindustan Unilever, TCS, Nestle India, and Bajaj Auto, which were the major movers in the morning trade.