March 28: Indian stock market opens lower, midcap and smallcap trade higher

Mumbai, March 28 (IANS) The domestic benchmark indices opened flat on Friday amid weak global cues, as selling was seen in the IT and auto sectors in the early trade.

At around 9.28 am, Sensex was trading 102.31 points or 0.13 per cent down at 77,504.12 while the Nifty declined 25.25 points or 0.11 per cent at 23,566.70.

Nifty Bank was up 209.20 points or 0.41 per cent at 51,785.05. The Nifty Midcap 100 index was trading at 52,443.65 after adding 604.25 points or 1.17 per cent. Nifty Smallcap 100 index was at 16,335.60 after climbing 215.75 points or 1.34 per cent.

According to market watchers, Nifty witnessed a strong buying of 213 points from lower levels before consolidating sideways, signalling sustainability in the uptrend.

"This movement resulted in the formation of a bullish piercing candle, with the index closing above the crucial support level of 23,500," said Hardik Matalia, Derivative Analyst of Choice Broking.

"If Nifty sustains above 23,600, it could extend gains toward the 23,700–23,800 range. Conversely, immediate support at 23,400 and 23,260 may present attractive buying opportunities for traders," he added.

Meanwhile, in the Sensex pack, Kotak Mahindra Bank, UltraTech Cement, Tata Motors, SBI, Tata Steel, Nestle India, Asian Paints and HDFC Bank were the top gainers.

On the other hand, M&M, PowerGrid, Infosys, Sun Pharma and IndusInd Bank were the top losers.

In the last trading session, Dow Jones in the US declined 0.37 per cent to close at 42,299.70. The S&P 500 declined 0.33 per cent to 5,693.31 and the Nasdaq declined 0.53 per cent to close at 17,804.03.

"S&P 500 and Nasdaq swung sharply throughout the trading day, crossing into positive territory three different times, before sliding into the close," said experts.

The levies will apply 25 per cent charges on all overseas cars and car parts. General Motors took the news particularly hard; its stock fell 7.3 per cent on the day. It was the biggest loser in the S&P 500, they added.

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

Institutional activity remains a key factor, with foreign institutional investors (FIIs) purchasing equities worth Rs 11,111.25 crore on March 27, while domestic institutional investors (DIIs) bought equities worth Rs 2,517.70 crore.

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