Indian stock market opens lower on mixed global cues

At around 9.30 am, Sensex was trading 221.03 points or 0.28 per cent down at 79,895.46 while the Nifty declined 75.55 points or 0.31 per cent at 24,253.40.

Nifty Bank was down 152.60 points or 0.28 per cent at 55,217.45. The Nifty Midcap 100 index was trading at 55,004.40 after declining 36.70 points or 0.07 per cent. Nifty Smallcap 100 index was at 16,980.60 after climbing 10.85 points or 0.06 per cent.

According to market watchers, "Nifty extended its winning streak for the seventh day on April 23, closing strong, though today's session may see heightened volatility as traders roll over April F&O positions."

"Markets may find support amid RBI's benign inflation outlook, renewed FII interest, easing Fed concerns, and improving US-China trade sentiment. Nifty remains bullish above its 200-DMA (24,052) with an upside target of 24,858. Preferred strategy: buy on dips," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Meanwhile, in the Sensex pack, Bajaj Finance, Bajaj Finserv, Tata Motors, Maruti Suzuki, Hindustan Unilever Limited and SBI were the top gainers. Whereas, Eternal, Infosys, HDFC Bank, Sun Pharma, ICICI Bank and TCS were the top losers.

In the last trading session, Dow Jones in the US added 1.07 per cent to close at 39,606.57. The S&P 500 climbed 1.67 per cent to 5,375.86 and the Nasdaq added 2.50 per cent to close at 16,708.05.

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

The foreign institutional investors (FIIs) bought equities worth Rs 3,332.93 crore on April 23. Meanwhile, domestic institutional investors (DIIs) sold equities of Rs 1,234.46 crore on the same day.

According to analysts, the PSU Banking segment is expected to offer better entry opportunities upon further correction, while the Railway stocks are gaining traction but one must wait for a clearer confirmation before a decisive move.