Synopsis
On March 6, the Indian stock market opened with minimal fluctuations as global cues were mixed. The Sensex remained above 73,600 despite selling in the IT and FMCG sectors during early trading. The Nifty index also experienced minor declines while the Nifty Bank showed positive movement.Key Takeaways
- Sensex trades at 73,672.16.
- Nifty declines to 22,324.65.
- Nifty Bank up by 205.85 points.
- RBI to inject liquidity through open market operations.
- FIIs continue selling, while DIIs are buying.
Mumbai, March 6 (NationPress) The Indian benchmark indices opened nearly unchanged on Thursday due to mixed global signals, with noticeable selling pressure in the IT and FMCG sectors during initial trading.
By approximately 9:33 am, the Sensex was down by 58.07 points or 0.08 percent at 73,672.16, while the Nifty dropped 12.65 points or 0.06 percent to 22,324.65.
The Nifty Bank index saw an increase of 205.85 points or 0.42 percent, standing at 48,695.80. The Nifty Midcap 100 index was at 49,649.70, reflecting a gain of 481.35 points or 0.98 percent. Additionally, the Nifty Smallcap 100 index rose to 15,429.35, climbing by 128.30 points or 0.92 percent.
Market analysts suggest that after a positive start, the Nifty may find support levels at 22,200, 22,100, and 22,000. On the upside, immediate resistance is expected around 22,450, followed by 22,550 and 22,700.
The RBI is set to conduct two open market operations, purchasing Rs 50,000 crore each on March 12 and March 18, along with a USD/INR Buy/Sell Swap auction worth 10 billion dollars for a period of 36 months on March 24, which will enhance liquidity in the market.
"The Nifty closed above its 5-day exponential moving average (EMA) for the first time since February 6, 2025, potentially indicating a shift from a bearish to a bullish short-term trend," commented Devarsh Vakil, Head of Prime Research at HDFC Securities.
In the Sensex group, notable gainers included Tata Motors, Asian Paints, Zomato, Tata Steel, IndusInd Bank, Hindustan Unilever, ICICI Bank, Axis Bank, HCL Tech, TCS, and Bajaj Finserv. Conversely, the top losers were Kotak Mahindra Bank, PowerGrid, Infosys, and UltraTech Cement.
In the previous trading day, the Dow Jones increased by 1.14 percent, closing at 43,006.59. The S&P 500 rose by 1.12 percent, finishing at 5,842.63, while the Nasdaq added 1.46 percent to close at 18,552.73.
Among Asian markets, only Bangkok was in the red, while China, Japan, Seoul, Jakarta, and Hong Kong were performing positively.
Foreign institutional investors (FIIs) continued their selling streak for the tenth consecutive day on March 5, offloading equities worth Rs 2,895.04 crore. Meanwhile, domestic institutional investors (DIIs) maintained their buying momentum for the twentieth day, purchasing equities valued at Rs 3,370.60 crore on the same day.
