Stock markets open higher, Sensex crosses 73,000 amid volatility
Indian equity markets opened on a positive note on Wednesday, supported by buying in auto, IT, and PSU bank stocks, despite mixed global cues. The gains came after a prolonged downtrend in benchmark indices, as investors closely tracked developments in global trade and economic indicators.
By 9:31 AM, the BSE Sensex was trading 358.34 points higher, or 0.49%, at 73,348.27, while the NSE Nifty rose 106.40 points, or 0.48%, to 22,189.05. The Nifty Bank index also advanced, adding 147.80 points (0.31%) to reach 48,393.
Broader market indices saw gains as well, with the Nifty Midcap 100 rising 329.30 points (0.69%) to 48,337.15, and the Nifty Smallcap 100 climbing 146.80 points (0.99%) to 14,909.40.
Market experts said that sentiment remained cautious due to overnight weakness in US markets, though gains in Asian indices provided some relief. The Nifty had closed in the red for ten consecutive sessions, adding to investor concerns.
Prashanth Tapse, Senior VP and Research Analyst at Mehta Equities, highlighted ongoing uncertainty in global trade due to former US President Donald Trump’s reciprocating tariff policy. “The market is dealing with pessimism regarding escalating trade tensions, growing signs of an economic slowdown, and persistent US inflation,” he said.
He further added that if Nifty falls below the 22,000 mark, the next key support level would be at 21,281. Given the current volatility, traders are advised to adopt a cautious approach, maintain strict stop-loss strategies, and avoid carrying overnight positions.
In early trade, HCL Tech, M&M, Power Grid, Tech Mahindra, Zomato, Tata Steel, Tata Motors, and ICICI Bank emerged as the top gainers on the Sensex. On the other hand, Bajaj Finance, Bajaj Finserv, UltraTech Cement, and HDFC Bank were among the biggest losers.
In the previous session, Wall Street closed lower, with the Dow Jones falling 1.55% to 42,520.99, the S&P 500 declining 1.22% to 5,778.15, and the Nasdaq slipping 0.35% to 18,285.16.
However, Asian markets showed a stronger trend, with major indices in Bangkok, China, Japan, Seoul, Jakarta, and Hong Kong trading in the green.
On the institutional front, Foreign Institutional Investors (FIIs) continued their selling spree on March 4, offloading equities worth ₹3,405.82 crore. In contrast, Domestic Institutional Investors (DIIs) maintained their buying momentum, purchasing stocks worth ₹4,851.43 crore on the same day.
While the market opened higher, traders remain cautious amid global uncertainties. Investors will closely watch for economic data, corporate earnings, and global market trends to gauge the near-term direction of Indian equities.
