Mumbai, Oct 30
The Indian stock market opened on a weak note on Thursday as Fed decision to cut rates by 25bp didn’t impact the market.
Both benchmark indices, the Sensex and Nifty, started lower in early trade. The Sensex slipped 228 points, or 0.27 per cent, to 84,770, while the Nifty fell 81 points, or 0.31 per cent, to 25,973.
“From a technical perspective, the Nifty continues to maintain a sideways-to-bullish bias as long as it sustains above the 25,900–26,000 support zone,” analysts said.
“On the upside, immediate resistance is placed around 26,100–26,200, and a sustained move above this range could pave the way for further gains toward 26,300–26,400 in the near term,” experts added.
Several heavyweight stocks were under pressure in morning deals. Bharti Airtel, Sun Pharma, ITC, Tata Steel, Power Grid, Titan, Kotak Bank, Infosys, Axis Bank, Trent, and HCL Tech were among the top losers, declining up to 1.5 per cent.