Mumbai: The Indian equity markets traded flat with a positive bias early on Thursday, as IT stocks recovered tracking overnight gains on Wall Street in the US.
As of 9.25 am, Sensex added 58 points, or 0.07 per cent, to reach 82,334, and Nifty gained 15 points, or 0.06 per cent, at 25,498.
Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 added 0.22 per cent, and the Nifty Smallcap 100 lost 0.08 per cent.
Sectoral indices traded mixed with Nifty PSU bank and IT being the major gainers, up 1.13 per cent and 1.01 per cent, respectively. Nifty FMCG and realty lost 0.27 per cent and 0.46 per cent, respectively.
Analysts said positive momentum in the US and European markets, along with easing volatility and sustained domestic institutional buying, will likely provide near-term stability to equities, even as Nifty will continue to trade within a broader consolidation band.
Immediate support for Nifty is placed at 25,250 level, while resistance is anchored at 25,650 level, market watchers said.
Also, immediate support for Bank Nifty is seen around 60,700–60,800, while resistance is placed near 61,300–61,400, they added.
In Asian markets, China’s Shanghai index eased 0.08 per cent, and Shenzhen gained 0.28 per cent, Japan’s Nikkei edged up 0.31 per cent, and Hong Kong’s Hang Seng Index lost 0.43 per cent. South Korea’s Kospi added 2.21 per cent.
The US markets ended in green overnight as Nasdaq edged up 1.26 per cent. The S&P 500 gained 0.81 per cent, and the Dow Jones added 0.63 per cent.
On February 25, foreign institutional investors (FIIs) net sold equities worth Rs 2,991 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,119 crore. FIIs reduced their long positions by 1,314 contracts and reduced short positions by 2,904 contracts, remaining net bullish by 1,590 contracts, said analysts.
(IANS)
