Sensex, Nifty see muted opening; Zee, Paytm shares in focus

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Benchmark stock market indices were off to a muted start on Thursday as financial and energy stocks played spoilsport in early trade.

The S&P BSE Sensex was up just 30.21 points at 72,653.20 at 9:49 am, while the Nifty50 gained 3.15 points to trade at 22,058.20. Broader market indices also opened on a weak note amid rising volatility.

Heavyweight Nifty sectoral indices such as Nifty Bank and Nifty Financial Services were trading in negative territory, while Nifty IT rose nearly 1 per cent and provided supported to the benchmark indices.

The top five gainers on the Nifty50 were Eicher Motors, Axis Bank, HCLTech, Hindalco and Tech Mahindra. On the other hand, the top losers were BPCL, Bharti Airtel, Asian Paints, Dr Reddy’s and Power Grid.

Among individual stocks, Zee rebounded nearly 3 per cent in early trade and is likely to be in focus throughout the day. Shares of digital payments firm Paytm fell over 1.5 per cent after gaining for four consecutive sessions.

Deven Mehata, research analyst at Choice Broking, said, “After a gap up opening, Nifty can find support at 22,000 followed by 21,950 and 21,900. On the higher side, 22,150 can be an immediate resistance, followed by 22,200 and 22,250.”

“Today, on the day of the Nifty’s weekly expiry, 22,000 will provide significant support. Traders with long positions should closely adhere to the stop loss of 22,000 on closing basis,” he added.

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