Mumbai, March 12 (IANS). The Indian stock market started flat on Wednesday amid mixed global signals. In the morning business, shopping was seen in the auto and PSU bank sector.
At around 9.28 am, the Sensex was trading at 22.30 points or 0.03 percent to 74,080.02, while the Nifty was trading up 24.65 points or 0.11 percent to 22,473.25.
The Nifty Bank rose 231.40 points or 0.48 percent to 47,867.05. The Nifty Midcap 100 index was trading at 48,904.40, climbing 141.65 points or 0.29 percent. The Nifty Smallcap 100 index was 52.85 points or 0.35 percent to 15,128.75.
According to the market monitoring, after the flat start, the Nifty can get support at 22,400, before that the index can get support at 22,300 and 22,200. At the upper level, there may be 22,600 immediate resistance and followed by 22,700 and 22,800 levels immediate resistance.
Choice Broking Hardik Matalia said, “Given the current instability, traders are advised to take care, implement strict stop-deeds strategy and avoid having overnight positions.”
Meanwhile, Bharti Airtel, Tata Motors, HDFC Bank, Zomato, Powergrid, Sun Pharma and Kotak Mahindra Bank were the top gainers in the Sensex pack. Whereas, IndusInd Bank, Infosys, HCLTech and TCS were the top losis.
According to those who monitor the market, investors should take into account two important characteristics of the Near-Term trend in the stock markets. Globally, the tariff policy is weak and unstable due to concerns arising from uncertainties. This condition may persist for a long time and the situation may be worse due to the implementation of reciperook tariff from early April. There is no scope for continuous improvement in global markets in this scenario.
He said that there is really a possibility of further decline.
In the US market, in the previous trading session, Dow Jones fell 1.14 percent to close at 41,433.48. S&P 500 index fell 0.76 percent to 5,572.07 and Nasdaq fell 0.18 percent to close at 17,436.10.
Japan, Sol and Jakarta were trading in green mark in Asian markets. While Bangkok, China and Hong Kong were trading in the red mark.
Foreign institutional investors (FIIs) continued their selling on March 11 and sold shares worth Rs 2,823.76 crore. On the other hand, domestic institutional investors (DIIs) continued their purchase and bought shares worth Rs 2,001.79 crore on the same day.
-IANS
SKT/