Indian equity indices opened flat in the morning session on Thursday as global markets flashed red. At 9:45 am, the Sensex rose 20 points to 78,694 and the Nifty jumped 9 points to 23,877.
The leading pack is from the midcap and smallcap stocks, which are outperforming their largecap peers. At 10:20 am, the Nifty Midcap 100 index is trading at 55,429 levels, up 183 points or 0.33%. On the other hand, Nifty Smallcap 100 is quoting at 18,334 levels, up 35 points or 0.20% on an intraday basis.
The market breadth is positive. On the NSE, around 1,278 stocks advanced, while 792 declined.
Gainers were UltraTech Cement, JSW Steel Ltd, Tata Steel Ltd, NTPC Ltd, Kotak Mahindra Bank Ltd, Bajaj Finserv Ltd and Bajaj Finance Ltd. Losers were M&M Ltd, Tech Mahindra Ltd, L&T, HCL Technologies Ltd, Wipro Ltd. MORE Asian peers decline: Tokyo 0.06 %, Seoul 1.97 %, Shanghai 0.07 %, Hong Kong 1.16 %, Bangkok 0.34 % US markets close flat on Wednesday.
Shrey Jain, Chief Executive Officer at SAS Online, said, "After consolidating in a range for some time, Nifty has given a sharp upside breakout now. We expect resistance around 24,000 levels for today monthly expiry led by huge OI in Call at this level."
"Downside support is placed at 23,650-23,700 levels, which can be used as a buying opportunity, and fresh longs positions can be initiated around these levels," added Jain.
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