Indian equity markets open higher on positive global cues
Indian equity benchmark indices opened higher on Wednesday amid positive global cues after gains across Wall Street and Asian markets.
Sensex opened at 77,192.76, up more than 100 points or 0.18 per cent, while Nifty started the session at 24,085.85, gaining 33.80 points or 0.14 per cent.
Sector-wise, financial and banking stocks led the gains in early trade, while information technology shares remained under pressure.
Nifty Financial Services Ex-Bank emerged as the top gainer, rising around 1 per cent, followed by Nifty Chemicals, which advanced 0.71 per cent. Nifty Private Bank gained 0.58 per cent, while Nifty PSU Bank traded 0.53 per cent higher.
On the downside, Nifty IT was the worst-performing sector, declining 1.38 per cent, followed by Nifty MidSmall IT & Telecom, which slipped 0.43 per cent.
Meanwhile, Tata Consultancy Services (TCS), Infosys, Tech Mahindra, Wipro, HCL Technologies, Dr Reddy's Laboratories, Hindalco Industries and ONGC were among the top losers on the Nifty.
"Nifty is likely to remain range-bound between 23,900 and 24,250 unless a fresh trigger emerges. Strong support is seen around the 24,000 level, while 24,250-24,300 remains the immediate resistance zone. A breakout above this range could trigger short covering and pave the way for further gains," according to market experts.
They added that the overall technical setup points to a sideways-to-bullish bias for the session.
On the commodities front, international benchmark Brent crude jumped about 2 per cent to trade above $85 a barrel, while US West Texas Intermediate (WTI) crude rose 1.57 per cent to $80.59 a barrel.
In Asia, major indices traded in the green, with the Nikkei, Hang Seng and KOSPI posting gains in early trade.
Overnight, Wall Street ended higher, with the S&P 500 rising 0.38 per cent and the Nasdaq advancing 0.90 per cent
