Mumbai, March 28
The domestic benchmark indices opened flat on Friday amid weak global cues, as selling was seen in the IT and auto sectors in the early trade.
At around 9.28 am, Sensex was trading 102.31 points or 0.13 per cent down at 77,504.12 while the Nifty declined 25.25 points or 0.11 per cent at 23,566.70.
Nifty Bank was up 209.20 points or 0.41 per cent at 51,785.05. The Nifty Midcap 100 index was trading at 52,443.65 after adding 604.25 points or 1.17 per cent. Nifty Smallcap 100 index was at 16,335.60 after climbing 215.75 points or 1.34 per cent.
According to market watchers, Nifty witnessed a strong buying of 213 points from lower levels before consolidating sideways, signalling sustainability in the uptrend.
"This movement resulted in the formation of a bullish piercing candle, with the index closing above the crucial support level of 23,500," said Hardik Matalia, Derivative Analyst of Choice Broking.
"If Nifty sustains above 23,600, it could extend gains toward the 23,700–23,800 range. Conversely, immediate support at 23,400 and 23,260 may present attractive buying opportunities for traders," he added.
Meanwhile, in the Sensex pack, Kotak Mahindra Bank, UltraTech Cement, Tata Motors, SBI, Tata Steel, Nestle India, Asian Paints and HDFC Bank were the top gainers.
On the other hand, M&M, PowerGrid, Infosys, Sun Pharma and IndusInd Bank were the top losers.