Indian stock market opens higher, Nifty above 23,000

Mumbai: The domestic benchmark indices opened higher on Wednesday for second day in a row, as investors are now looking forward to positive cues in the upcoming Union Budget 2025-26.

As of 9.33 a.m., Sensex was up 195 points or 0.29 per cent at 76,122 while Nifty 50 was up 65 points or 0.29 per cent at 23,025.

According to market watchers, the US Federal Reserve’s decision on Wednesday (US time) is unlikely to influence the market since no change in policy is expected from the meeting.

On Tuesday, the benchmark indices had the best session since January 2.

Shrikant Chouhan, head, equity research, Kotak Securities, said that after a promising start, the market bounced back sharply.

“However, profit booking was again witnessed at higher levels. On the daily chart, a long-legged doji candlestick structure is formed, indicating indecision between the bulls and the bears. We believe 23,150/76,300 would act as the trend decider level for the bulls,” he mentioned.

Above 23,150/76600, the market may retest the levels of 23,250/76900 to 23,350/77,200.

In the early trade, Infosys, ICICI Bank, HDFC Bank, Bajaj Auto and Tata Consultancy Services added to the Nifty 50 index.

On NSE, 10 sectoral indices rose, and two declined out of 12. The NSE Media rose the most and the NSE FMCG declined the most. Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap were up 0.89 per cent and 1.04 per cent, respectively.

On BSE, 19 sectors advanced and two declined out of 21. The BSE IT rose the most, and BSE FMCG declined the most.

The charts of Bank Nifty indicate that it may get support at 48,500, followed by 48,200 and 47,900. If the index advances further, 49,000 would be the initial key resistance, followed by 49,300 and 49,600, said experts.

The foreign institutional investors (FIIs) sold equities worth Rs 4,920.69 crore on January 28. On the other hand, domestic institutional investors (DIIs) bought equities worth Rs 6,814.33 crore on the same day.