Indian stock market opens flat amid mixed global cues

Mumbai, May 28 The domestic benchmark indices opened marginally lower on Wednesday amid mixed global cues as selling was seen in the FMCG and auto sectors in the early trade.

At around 9.26 am, Sensex was trading 92.61 points or 0.11 per cent down at 81,459.02 while the Nifty declined 16.75 point or 0.07 per cent at 24,809.45.

Nifty Bank was up 78.15 points or 0.14 per cent at 55,430.95. The Nifty Midcap 100 index was trading at 57,326.05 after rising 171.55 points or 0.30 per cent. Nifty Smallcap 100 index was at 17,839.40 after climbing 114.25 points or 0.64 per cent.

According to analysts, Nifty ended lower yesterday in a rather volatile trading session. Technically, 24,462 remains a critical swing low. If it holds - and this is the preferred view - the market will target first resistance at 25,116 and then 25,390.

"On the other hand, should 24,462 break, a 'rising wedge' pattern will be activated, with a downside target set near the 23,900-24,000 area," said Akshay Chinchalkar, Head of Research, Axis Securities.

Meanwhile, in the Sensex pack, ITC, Titan, Nestle India, Hindustan Unilever Limited, M&M and Sun Pharma were the top losers. While, Infosys, Tata Motors, Bharti Airtel, HCL Tech, Bajaj Finance and NTPC were the top gainers.

In the Asian markets, Bangkok, Seoul, China, Jakarta and Japan were trading in green. Only Hong Kong was trading in the red.

In the last trading session, Dow Jones in the US closed at 42,343.65, up 740.58 points, or 1.78 per cent. The S&P 500 ended with a gain of 118.72 points, or 2.05 per cent, at 5,921.54 and the Nasdaq closed at 19,199.16, up 461.96 points, or 2.47 per cent.

Global markets traded on a positive note on Tuesday. Despite the domestic decline, foreign institutional investors (FIIs) remained net buyers, reflecting growing confidence in the Indian market, said experts.

On the institutional front, foreign institutional investors (FIIs) were net buyers as they bought equities worth 348.45 crore on May 27, while domestic institutional investors (DIIs) purchased equities worth 10,104.66 crore.

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