Indian stock markets gain in early trade over positive Asian cues

The Indian equity markets gained moderately in early trade on Thursday, tracking gains in Asian peers despite rising tensions in the Middle East.

As of 9:30 am, Sensex gained 246 points, or 0.31 per cent, to reach 79,362 and Nifty added 84 points, or 0.35 per cent, at 24,565.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 1.02 per cent, and the Nifty Smallcap 100 gained 1.11 per cent.

All sectoral indices traded in green except FMCG and IT, down 0.13 per cent and 0.32 per cent. Nifty metal as well as oil and gas led gains, up 1.23 per cent and 1.43 per cent, respectively.

The Indian benchmark indices closed in red in the previous session, as the widening conflict in the Middle East impacted investment sentiment.

The immediate resistance zone of Nifty is placed between 24,600 and 24,650, while support is observed in the 24,300–24,350 range.

Resistance for Bank Nifty is seen in the 59,000–59,100 band, while the 58,400–58,500 zone remains a key support area, market participants said.

In Asian markets, China’s Shanghai index gained 0.84 per cent, and Shenzhen added 1.67 per cent, Japan’s Nikkei advanced 1.84 per cent, and Hong Kong’s Hang Seng Index gained 1.13 per cent. South Korea’s Kospi added 9.69 per cent.

The US markets ended in green overnight as Nasdaq advanced 1.29 per cent. The S&P 500 gained 0.78 per cent, and the Dow Jones added 0.49 per cent.

On March 4, foreign institutional investors (FIIs) net sold equities worth Rs 8,752 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 12,068 crore.