Market Opening Bell: Sensex drops 207 points, Nifty at 24,945.50, IT stocks under pressure

Sensex, Nifty Today: Indian equity benchmark indices, the Sensex and Nifty, started Thursday's trading session in the red despite positive global cues. The 30-share BSE Sensex shed 207.85 points to start the session at 81,217.30; the Nifty dropped 27.6 points to open at 24,945.50. In the last trading session, the Sensex closed at 81,425.15 and the Nifty 50 at 24,973.10. Similarly, the broader indices also traded in almost flat in the opening session. While the BSE Midcap was up 29.24 points, or 0.06 per cent, in the early trading session, the BSE Smallcap index added 96.18 points, or 0.18 per cent, to trade at 53,502.44. 

From the Sensex pack, Eternal, Adani Ports, NTPC, TCS and BEL were among the major gainers, with Eternal leading the pack by jumping around 1.16 per cent in the early trade today. On the other hand, Infosys, Tech Mahindra, HDFC Bank, Trent and Bharati Airtel were among the laggards, with Infosys shedding around 1.01 per cent in the opening trade. Meanwhile, shares of Oracle Finance Services Software (OFSS) gained 1.77 per cent. 

In early trade, 1,684 stocks in the Nifty pack were trading in the green, while 788 were trading in the red. One hundred two stocks remained unchanged. 

According to Hariprasad K, SEBI - registered Research Analyst and Founder - Livelong Wealth the key levels to watch are - 

Upside: The 25,050–25,100 zone is immediate resistance at the wedge top. Sustained trade above this band could extend the rally towards 25,250 and beyond.

Downside: First support lies near 24,850, where the EMAs converge with the lower trendline. A decisive break below this may open the door to 24,700–24,600, while a deeper fall towards 24,300 cannot be ruled out if 24,600 is breached.

What did Gift Nifty indicate?

Gift Nifty, an early indicator for the Nifty 50, indicated a flat start as it opened with a gain of 11.5 points at 25,085, compared to the previous close of 25,073.50. 

Asian Markets Today

Meanwhile, most Asian shares gained on Thursday, echoing the record rallies on Wall Street. Nikkei 225 gained 516.33 points or 1.18 per cent at 43,354. However, Hong Kong's Hang Seng shed 67.26 points or 0.26 per cent. South Korea's Kospi traded in the green with a gain of 16.99 points. Shanghai's SSE Composite index was up by 42.88 points or 1.12 per cent.