Mumbai, June 24: The Indian stock market opened flat on Wednesday amid mixed global cues. The Sensex rose by 29.08 points, or 0.04%, reaching 76,229.76, while the Nifty fell by 28.30 points, or 0.12%, to settle at 23,795.80.
In early trading, the Nifty IT and Nifty Pharma sectors emerged as the top gainers. Other sectors like Nifty Healthcare, Nifty PSU Bank, Nifty Private Bank, Nifty Services, Nifty Realty, Nifty FMCG, and Nifty PSE also showed positive movement. Conversely, Nifty Auto, Nifty Consumer Durables, Nifty Metal, Nifty Media, and Nifty Infra faced declines.
Midcap and small-cap stocks also displayed mixed performance. The Nifty Midcap 100 index gained 60.90 points, or 0.11%, to reach 62,138.65, while the Nifty Smallcap 100 index saw a slight increase of 3 points, settling at 18,823.
Among the gainers in the Sensex pack were Tech Mahindra, ICICI Bank, Trent, Infosys, Adani Ports, Power Grid, BEL, Sun Pharma, TCS, L&T, SBI, UltraTech Cement, Asian Paints, and M&M. On the losing side were Bharti Airtel, HCL Tech, Maruti Suzuki, Tata Steel, NTPC, Titan, Bajaj Finserv, and HUL.
Rajesh Palvia, head of research at Axis Direct, noted that concerns over AI valuations and expectations of a hawkish stance from the Federal Reserve led to significant declines in semiconductor stocks, resulting in negative sentiment on Wall Street during the previous session.
He further stated that this sentiment will persist as long as the Nifty remains below 23,950.
Most global markets displayed mixed trends. Tokyo, Shanghai, and Jakarta were in the red, while Hong Kong, Seoul, and Bangkok showed gains. The U.S. stock market also closed lower on Tuesday due to selling pressure in tech shares, with the Dow Jones down by 0.09% and the Nasdaq technology index experiencing a substantial drop of 2.21%.
On the commodities front, crude oil prices continued to weaken. WTI crude fell by 1.16% to $72.35 per barrel, while Brent crude decreased by 0.98% to $76.04 per barrel.
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