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Sensex, Nifty Flat But Positive; IT Stocks Lead Gains

Indian equity benchmarks traded flat with a slight positive bias early Thursday, supported by a recovery in IT stocks following gains on Wall Street. Sectoral performance was mixed, with Nifty IT and PSU Bank as the top gainers, while FMCG and realty indices declined. Analysts suggest near-term stability for equities is likely due to positive global cues and sustained domestic institutional buying, though the Nifty is expected to remain in a consolidation range. Meanwhile, foreign institutional investors were net sellers in the previous session, while domestic institutions were net buyers.

Key Points: Sensex, Nifty Trade Flat; IT Index Gains 1%

  • IT & PSU bank indices gain over 1%
  • Midcap up, Smallcap down
  • Nifty support at 25,250, resistance at 25,650
  • FIIs net sellers, DIIs net buyers
  • Asian markets trade mixed
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Sensex, Nifty trade flat with positive bias; IT index gains 1 pc

Indian markets trade flat with a positive bias. IT and PSU bank stocks gain, while FMCG and realty decline. Asian and US markets show mixed trends.

"Positive momentum in the US and European markets... will likely provide near-term stability to equities. - Analysts"

Mumbai, Feb 26

The Indian equity markets traded flat with a positive bias early on Thursday, as IT stocks recovered tracking overnight gains on Wall Street in the US.

As of 9.25 am, Sensex added 58 points, or 0.07 per cent, to reach 82,334, and Nifty gained 15 points, or 0.06 per cent, at 25,498.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 added 0.22 per cent, and the Nifty Smallcap 100 lost 0.08 per cent.

Sectoral indices traded mixed with Nifty PSU bank and IT being the major gainers, up 1.13 per cent and 1.01 per cent, respectively. Nifty FMCG and realty lost 0.27 per cent and 0.46 per cent, respectively.

Analysts said positive momentum in the US and European markets, along with easing volatility and sustained domestic institutional buying, will likely provide near-term stability to equities, even as Nifty will continue to trade within a broader consolidation band.

Immediate support for Nifty is placed at 25,250 level, while resistance is anchored at 25,650 level, market watchers said.

Also, immediate support for Bank Nifty is seen around 60,700-60,800, while resistance is placed near 61,300-61,400, they added.

In Asian markets, China's Shanghai index eased 0.08 per cent, and Shenzhen gained 0.28 per cent, Japan's Nikkei edged up 0.31 per cent, and Hong Kong's Hang Seng Index lost 0.43 per cent. South Korea's Kospi added 2.21 per cent.

The US markets ended in green overnight as Nasdaq edged up 1.26 per cent. The S&P 500 gained 0.81 per cent, and the Dow Jones added 0.63 per cent.

On February 25, foreign institutional investors (FIIs) net sold equities worth Rs 2,991 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,119 crore. FIIs reduced their long positions by 1,314 contracts and reduced short positions by 2,904 contracts, remaining net bullish by 1,590 contracts, said analysts.

- IANS

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Reader Comments

S
Sarah B
Interesting divergence between large caps and small caps. Midcap 100 up, Smallcap 100 down. Seems like selective profit booking is happening in the broader market. As a long-term SIP investor, these flat days don't bother me much. Staying the course! 💪
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Rohit P
PSU banks and IT up over 1% is a solid combo. But why is realty down again? With all the housing boom news, one would expect it to perform. Maybe the market is pricing in future interest rate concerns? Need to dig deeper into my portfolio.
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Priya S
The numbers are fine, but articles like this sometimes feel like they're just reporting noise. +58 points on Sensex is practically flat. The real story is the massive net buying by DIIs (over ₹5000 cr!) covering for FII selling. That's the Indian resilience story right there. 🇮🇳
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Aman W
Support and resistance levels mentioned are useful for traders. Nifty between 25250 and 25650 seems like the range for now. Kospi up 2.2% is impressive! Hope some of that positive Asian momentum rubs off on us in the latter half of the session.
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Nikhil C
With FIIs net selling but still net bullish on index futures, it's a mixed signal. They might be booking profits in cash market while staying invested for the longer trend. For the common investor, days like these are a reminder to focus on fundamentals, not daily ticks.

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