Sensex and Nifty open higher, auto stocks gain 1 pc

Mumbai, July 23 The Indian stock market opened in the green on Wednesday as auto stocks led amid mixed global cues.

At 9.29 am, Sensex was up 178 points or 0.23 per cent at 82,381 and Nifty was up 64 points or 0.26 per cent at 25,125.

Auto stocks were leading the market, while media and realty were lagging behind. Bank stocks showed moderate gains up to 0.09 per cent.

Midcap and smallcap stocks saw selling pressure. Nifty midcap 100 index was down 0.13 per cent at 59,028 and Nifty smallcap 100 index was down 0.35 per cent at 18,826.

Among the sectoral indices, PSU bank, financial services, metal, energy and private bank were in the green. Realty, media and FMCG were in the red.

In the Nifty pack, Tata Motors, Maruti Suzuki, Bajaj Auto, M&M were the gainers. Tata Consumer Products, Trent, Tech Mahindra, and Titan were the losers in early trade.

“The tug of war between the bulls and the bears continues. Nifty is failing to cross and sustain above the 40HEMA, which has now moved lower to 25,104 Sustaining above the 40HEMA and closing above the high hourly high of 25,182 can hint towards trend reversal as it would reinforce a higher top, higher bottom formation,” said Vikram Kasat, Head-Advisory, PL Capital.

The low of 24,882 will be an important support level, Kasat added. Analysts say that a sustained move above 25,150 could pave the way toward 25,250.

In the Asian markets, Nikkei 225 surged 3.25 per cent after US President Donald Trump announced a trade deal with Japan. Shanghai and Hong Kong were in the green zone while Jakarta and Seoul were in the red zone.

US markets were largely flat with a mild positive bias; investors pulled out of tech stocks. Dow Jones was in the green and Nasdaq closed 0.39 per cent lower.

On July 22, foreign institutional investors (FIIs) were net sellers for the fourth consecutive session, offloading equities worth Rs 3,548 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 11th straight day, purchasing equities worth Rs 5,239 crore.

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