equity markets opened flat on Wednesday, influenced by mixed global sentiments and cautious investor behaviour after foreign investors sold equities for the fourth consecutive session.
Nifty started at 22,665, down around 50 points or 0.23%, while Sensex opened at 72,441.15, falling 87.92 points or 0.12%.
Among sectoral performances, Nifty MidSmall IT & Telecom index gained over 1%, leading the advances.
Other indices such as Nifty PSU Bank, Nifty Chemicals, Nifty Oil & Gas, Nifty Cement, and Nifty Media also rose by up to 1%.
Conversely, metal stocks lagged with Nifty Metal dropping 0.42%, while healthcare and pharmaceutical indices edged slightly lower.
Experts highlighted that rising US bond yields have put pressure on foreign investors, triggering continued selling, yet recent market corrections have created buying opportunities for Indian investors.
They stated, "From the Indian investors' perspective, this sharp correction in the market presents an opportunity. Largecaps with good growth prospects have reached attractive valuations."
Further, experts observed that a correction in crude oil prices could spark a market rally, potentially led by largecap stocks.
analysts forecast market stabilisation after recent declines, noting buying interest emerging near key technical levels.
Previously, Nifty formed a hammer candle, reflecting buying interest at lower levels, with strength in certain heavyweight stocks limiting falls.
The near-term outlook is sideways to mildly bullish, with immediate support around 22,650-22,700 and resistance near 22,950-23,000.
On Tuesday, foreign institutional investors offloaded equities worth nearly Rs 10,000 crore, extending their four-day selling streak, while domestic institutional investors bought equities valued at about Rs 7,000 crore.
Meanwhile, Asian markets traded mostly positive early Wednesday despite a slightly weaker Wall Street session, as investors awaited US economic data and global cues for further direction.
