Indian Stock Market Opens Higher, Nifty Above 24,400

(MENAFN- IANS) Mumbai, April 29 (IANS) The domestic benchmark indices opened higher on Tuesday amid positive cues from global markets, as buying was seen in the PSU bank, auto and IT sectors in the early trade.

At around 9.25 am, Sensex was trading 409.4 points or 0.51 per cent up at 80,627.85 while the Nifty climbed 118.10 points or 0.49 per cent at 24,446.60.

Nifty Bank was up 492.90 points or 0.89 per cent at 55,925.70. The Nifty Midcap 100 index was trading at 54,931.15 after increasing 490.90 points or 0.43 per cent. Nifty Smallcap 100 index was at 16,860.05 after climbing 183.15 points or 1.10 per cent.

According to analysts, after a positive opening, Nifty can find support at 24,250. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.

"The charts of Bank Nifty indicate that it may get support at 55,300 followed by 55,000 and 54,700. If the index advances further, 55,600 would be the initial key resistance, followed by 55,900 and 56,200," said Hardik Matalia from Choice Broking.

Meanwhile, in the Sensex pack, IndusInd Bank, Bajaj Finserv, Axis Bank, Tata Motors, M&M, Titan, SBI, Bajaj Finance, Eternal, Maruti Suzuki and Power Grid were the top gainers. Whereas, UltraTech Cement, Nestle India, Sun Pharma and Asian Paints were the top losers.

Sensex has respected the important 200DMA zone of 79,100 level, where it has strong support during the intraday session, and witnessed a decent rally towards the 61.8 per cent retracement level to improve the bias.

“On the upside, it would need a decisive breach above the resistance zone of 80,400 level to trigger for a breakout anticipating for further rise in the coming days, said Vaishali Parekh, Vice President-Technical Research, PL Capital Group.

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

In the last trading session, Dow Jones in the US added 0.28 per cent to close at 40,227.59. The S&P 500 climbed 0.06 per cent to 5,528.75 and the Nasdaq declined 0.10 per cent to close at 17,366.13.

On the institutional front, foreign institutional investors (FIIs) remained consistent net buyers, marking their ninth straight session of inflows with Rs 2,474.10 crore on April 28. Domestic institutional investors (DIIs) also remained consistent net buyers, marking their second straight session of inflows with Rs 2,817.64 crore on the same day.

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