Indian stock market opens lower; selling seen in IT, auto sectors

Mumbai, May 22 (IANS) The domestic benchmark indices opened lower on Thursday amid negative global cues as selling was seen in the IT and auto sectors in the early trade.

At around 9.26 am, Sensex was trading 726.42 points or 0.89 per cent down at 80,870.21 while the Nifty declined 225.0 point or 0.91 per cent at 24,588.45

Nifty Bank was down 336.20 points or 0.61 per cent at 54,738.90. The Nifty Midcap 100 index was trading at 56,312.00 after dropping 307.60 points or 0.54 per cent. Nifty Smallcap 100 index was at 17,509.10 after declining 39.50 points or 0.23 per cent.

According to analysts, technically, a breakout above or below the inside bar's range could offer clear directional cues. On the downside, 24,600 remains a critical immediate support, with stronger support near 24,500. A breakdown below this level could increase selling pressure and drag the Nifty index toward the 24,300–24,000 zone.

"On the upside, 24,900 acts as the initial resistance, while 25,000 is a key psychological barrier. A decisive move above this level may trigger a bullish rally toward the 25,200–25,500 zone," said Mandar Bhojane, Equity Research Analyst of Choice Broking.

Meanwhile, in the Sensex pack, Only Adani Ports and Tata Steel were the top gainers. Whereas, Indusind Bank, Tech Mahindra, Powergrid, HCL Tech, Nestle India, Hindustan Unilever Limited were the top losers.

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

In the last trading session, Dow Jones in the US closed at 41,860.44, down 816.80 points, or 1.91 per cent. The S&P 500 ended with a loss of 95.85 points, or 1.61 per cent, at 5,844.61 and the Nasdaq closed at 18,872.64, down 270.07 points, or 1.41 per cent.

Wall Street suffered steep losses during Wednesday's session as multiple headwinds converged to weigh on investor sentiment.

"The major averages rebounded from initial declines but slumped back into negative territory as the day progressed, ending sharply lower despite recovering from their worst levels," said experts.

On the institutional front, foreign institutional investors (FIIs) were net buyers as they bought equities worth 2,201.79 crore on May 21, while domestic institutional investors (DIIs) purchased equities worth 683.77 crore.

--IANS

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