Indian benchmark indices started Thursday's trading session on a low note, in line with mixed global cues, with initial falls in the IT and FMCG sectors. At around 9:33 AM, the Sensex was lower by 58.07 points or 0.08% at 73,672.16, while the Nifty fell 12.65 points or 0.06% to trade at 22,324.65.
But Nifty Bank remained steadfast, rising 205.85 points or 0.42% to 48,695.80. The Nifty Midcap 100 rose 481.35 points or 0.98% to trade at 49,649.70, while the Nifty Smallcap 100 rose 128.30 points or 0.92%, reaching 15,429.35.
Market experts predict that after a buoyant opening, Nifty could find crucial support levels at 22,200, 22,100 and 22,000. On the higher side, near-term resistance is expected at 22,450, with the next levels at 22,550 and 22,700.
On the other hand, the Reserve Bank of India (RBI) will undertake two open market operation (OMO) purchases worth ₹50,000 crore each on March 12 and March 18. Further, there is a USD/INR Buy/Sell Swap auction for $10 billion with a 36-month tenor to be held on March 24. These are done with a view to enhancing financial system liquidity.
HDFC Securities' Head of Prime Research, Devarsh Vakil, pointed towards a possible trend reversal by saying, "The Nifty closed above its 5-day exponential moving average (EMA) for the first time since February 6, 2025, potentially signalling a reversal from a bearish to a bullish trend in the short term."
Top performers in the Sensex pack were Tata Motors (NSE:TAMO), Asian Paints (NSE:ASPN), Zomato (NSE:ZOMT), Tata Steel (NSE:TISC), IndusInd Bank (NSE:INBK), Hindustan Unilever (NSE:HLL), ICICI Bank (NSE:ICBK), Axis Bank (NSE:AXBK), HCL Tech (NSE:HCLT), TCS (NSE:TCS), and Bajaj Finserv (NSE:BJFS). At the other end, Kotak Mahindra Bank (NSE:KTKM), PowerGrid, Infosys (NSE:INFY), and UltraTech Cement (NSE:ULTC) were the top laggards.
On the international front, the last trading session witnessed Wall Street closing on a positive note. The Dow Jones Industrial Average rose 1.14% to close at 43,006.59, while the S&P 500 increased by 1.12% to 5,842.63. The Nasdaq Composite posted a 1.46% increase, closing at 18,552.73.
Asian markets had a generally upbeat trend, with China, Japan, Seoul, Jakarta, and Hong Kong indices trading in the green, and Bangkok being the only major market trading in the red.
Foreign institutional investors (FIIs) extended their selling spree for the tenth day in a row on March 5, selling equities amounting to ₹2,895.04 crore. Domestic institutional investors (DIIs), on the other hand, continued their buying spree for the 20th consecutive day, buying equities amounting to ₹3,370.60 crore.
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