Indian stock market recovers early losses as FY26 begins

At 9:44 am, Sensex was down just 3 points at 77,412, and the Nifty was up 23 points or 0.10 per cent at 23,542.

Markets were led by smallcap and midcap stocks. Nifty Midcap 100 index was up 309 points, or 0.67 per cent, at 52,017, and the Nifty Smallcap 100 index was up 88 points, or 0.55 per cent, at 16,184.

In the Sensex pack, ITC, Bharti Airtel, IndusInd Bank, M&M, Power Grid, NTPC, Adani Ports, Nestle, Tata Motors, SBI, UltraTech Cement and HUL were the top gainers. Infosys, TCS, Bajaj Finance, HDFC Bank, Bajaj Finserv, Sun Pharma, HCL Tech and Kotak Mahindra Bank were the top losers.

Selling pressure was being seen in IT stocks. The Nifty IT index was down by 1.37 per cent.

Apart from this, financial, pharma, FMCG, metal, realty and private bank indices were in the red. On the other hand, auto, PSU bank and energy were in the green.

Hardik Matalia, derivative analyst, Choice Broking said, "After a negative opening, Nifty can find support at 23,300 followed by 23,200 and 23,100. On the higher side, 23,550 can be an immediate resistance, followed by 23,650 and 23,800."

"The charts of Bank Nifty indicate that it may get support at 51,300 followed by 51,000 and 50,700. If the index advances further, 51,700 would be the initial key resistance, followed by 52,000 and 52,200," he added.

Almost all markets in Asia are in the green zone. Shanghai, Tokyo, Seoul, Bangkok and Hong Kong markets are in a boom. The US markets recovered from a seven-month low on Monday and closed with a one per cent gain.

After witnessing buying in the previous six sessions, the foreign institutional investors (FIIs) remained net sellers on March 28 as they sold equities worth Rs 4,352 crore. On the other hand, domestic institutional investors (DIIs) continued their buying on the second day as they purchased equities of Rs 7,646 crore on the same day.