Mumbai, June 18 (IANS). The Indian stock market opened in a red mark on Wednesday amid growing geopolitical tension, but in early trade, Auto, IT and PSU bank soon got into the green mark due to shopping in the sector.
At around 9.32 am, the Sensex was trading 160.49 points or 0.20 percent to 81,743.79, while the Nifty was 57.40 points or 0.23 percent to 24,910.80.
The Nifty Bank rose 33 points or 0.06 percent to 55,747.15. The Nifty Midcap 100 index was trading at 58,358.95 after a decline of 20.35 points or 0.03 percent. The Nifty Smallcap 100 index was at 18,412.80 after a decline of 7.55 points or 0.04 percent.
According to analysts, the market hopes of reducing tension over war in the Middle East became foggy today, as US President Trump called Iran to surrender unconditionally.
Market experts say Trump’s latest post and US defense activities in West Asia indicate an increase in conflict.
Dr. VK Vijaykumar, the main investment strategist of Geojit Investments Limited, said, “However, there is no panic status in the global equity markets and seems to be assessing the markets that the struggle will end soon without affecting the global economy.”
The Sensex pack stood Power Grid, Kotak Mahindra Bank, Infosys, HDFC Bank, Axis Bank, NTPC and M&M top losquen. At the same time, IndusInd Bank, HCL Tech, Sun Pharma, Eternal and TCS were the top gainers.
PL Capital Head-Advisory Vikram Kasat said, “The Nifty faced resistance around the recent 61.8 percent retracement level and it saw correction from there. The high level of 24,982 is an immediate resistance level to move upwards. The 24,550-24,450 will be a significant support area to move down.”
On the institutional front, foreign institutional investors (FIIs) were pure buyers and on June 17 bought equity worth Rs 1,616.19 crore, while domestic institutional investors (DIIs) bought equity worth Rs 7,796.57 crore.
In Asian markets, Bangkok, Japan and Soul were trading in green mark, while Jakarta, Hong Kong and China were trading in red mark.
In the previous trading session in the US markets, Dow Jones fell 299.29 points or 0.70 percent to close at 42,215.80. The S&P 500 index fell at 5,982.72 at 5,982.72 and Nasdaq closed at 19,521.09 at 19,521.09, 50.39 points or 0.84 percent.
-IANS
SKT/
