Sensex, Nifty open flat as auto, IT, pharma drag markets down
The Indian stock market opened flat on Friday, March 28, with auto, IT, and pharma sectors dragging the indices down. At 9:15 am, the BSE Sensex dropped 22.13 points to 77,584.30, while the NSE Nifty fell 2.10 points to 23,589.85.
Infosys led the decline among Sensex stocks, falling 0.54% to ₹1,594.95. Zomato and IndusInd Bank followed, dropping 0.53% and 0.35%, respectively. Despite the weak start, 20 of the 30 Sensex stocks traded in the green.
The Nifty Auto Index fell the most among sectoral indices, sliding 0.37% to 21,436.35. Nifty IT dropped 0.15% to 37,491.45, while Nifty Pharma slipped 0.05% to 21,263.95. Meanwhile, the Nifty Financial Services Index led gains, rising 1.27% to 15,062.30.
The market showed resilience after a positive close on Thursday. The Sensex rose 317.93 points to 77,606.43, while the Nifty gained 105.10 points to close at 23,591.95.
Analysts see strong support and resistance levels ahead. Akshay Chinchalkar from Axis Securities noted that the market held key support at 23,402. He expects resistance at 23,640 and 23,720, with a major hurdle at 23,869. Kunal Kamble from Bonanza said the Nifty’s close above 23,500 signals underlying strength.
Bajaj Finserv led the gainers on Thursday, rising 3.23% to ₹2,005.40. IndusInd Bank climbed 2.68% to ₹673.60, while NTPC gained 1.88% to ₹360.80. The PSU Bank Index also surged 2.50% to 6,296.15, with Bank of Baroda jumping 4.34% and Union Bank of India rising 3.98%.
Oil & Gas stocks gained momentum as global oil prices edged up. Brent Crude rose 0.03% to $74.05 per barrel for May 2025 futures, while WTI Crude increased 0.06% to $69.96.
Foreign Institutional Investors (FIIs) continued buying Indian equities, netting ₹11,111.25 crore. Domestic Institutional Investors (DIIs) also became net buyers, purchasing ₹2,517.70 crore worth of equities. Chinchalkar noted that a sharp reduction in FII short positions suggests improving market sentiment.
