BT Opening Bell | Sensex, Nifty open in green; Tech Mahindra, ICICI Bank, Trent top gainers

The Indian stock market opened higher on Wednesday amid mixed action in Asian markets. Brent crude prices trading below $80 a barrel, also led to positive sentiment in Indian equities. Sensex rose 266 points to 76,467 and Nifty rallied 62 points to 23887 in early deals today.  

Among Sensex constituents, Tech Mahindra, ICICI Bank, Trent, Infosys, Asian Paints and Kotak Bank were the top gainers today, rising up to 2.43%.

Top Sensex losers were Maruti, Bharti Airtel, HCL Tech, NTPC and TAata Steel shares fell up to 1.04%.

VK Vijayakumar, Chief Investment Strategist, Geojit said, "The new concern is the poor monsoon which is deficient by 43% so far. There are concerns that this might impact India’s growth and corporate profits too, marginally. Investors can align their portfolios to adjust to this emerging threat. Sectors like FMCG and entry level 2-wheelers are likely to be impacted by decline in rural income. Pharmaceuticals with inelastic demand will be resilient and even outperform during a monsoon-deficient situation."

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Rajesh Palviya, Head of Research, Axis Direct said, "Technically, the undertone remains cautious as long as the Nifty trades below 23,950. A sustained move above this level could trigger a relief rally towards 24,100–24,150, while immediate support is placed at 23,780. A decisive breach below this support may accelerate profit booking towards the 23,600 zone. Although oversold conditions after the expiry session could support a near-term pullback, investors should remain watchful of global technology stocks, which are likely to continue dictating market sentiment in the near term."

Previous session

Nifty, the 50 stock index closed at 24,013, down 0.64% or 154.90 pts. Sensex too crashed 607 pts to close at 76,802.