MUMBAI: The Indian stock market opened flat on Wednesday as global trade concerns lingered. Automobile stocks were the major laggards in domestic markets.
At 9.25 am, Nifty was up 22 points or 0.09 per cent at 24, 843 and Sensex was up 64 points or 0.08 per cent at 81, 402.
Broader markets was marginally higher as BSE MidCap gained 0.09 per cent and the BSE SmallCap advanced 0.33 per cent.
Among the sectoral indices, Nifty auto were the biggest laggard losing 0.54 per cent. Realty, oil, and gas lost around 0.30 per cent. Media and metal were in the green, gaining around 0.30 per cent each.
On the technical front, the Nifty has taken support at its 100-day EMA and managed to close above the key 24, 800 level. The formation of a bullish candlestick pattern, supported by strong volumes, reflects buying interest at lower levels, said analysts.
“If the index sustains at levels above 24, 800, a further rally toward 25, 000 and 25, 200 can be anticipated in the near term. However, on the downside, 24, 600 serves as immediate support, and a decisive break below this level could trigger a deeper correction, " said Hardik Matalia from Choice Broking.
Fresh long positions should only be considered if the Nifty sustains above the 25, 150 mark. Overall, the market sentiment remains cautiously bullish, with close attention required on key breakout levels and global developments, he added.
In the Nifty pack, Larsen & Toubro led the gainers with 3.70 per cent uptick. Bharat Electronics rose 1.27 per cent. Jio Financial, Tata Steel, and Hindalco were among the other major gainers.
Among the top laggards, Tata Motors declined 3.31 per cent follwed by Asian Paints, Dr. Reddy’s Laboratories, Bajaj Auto, and Infosys.