Mumbai, June 18: Following a stringent stance from the U.S. Federal Reserve, the Indian stock market opened flat on Thursday, amidst a decline in global markets. Both Nifty50 and Sensex recorded minor drops during the session.
The 30-share BSE Sensex opened at 77,131.66, down by 23.96 points from its previous close of 77,155.62. Meanwhile, the NSE Nifty 50 opened at 24,073.80, reflecting a slight decrease of 11.9 points from its last close of 24,085.70.
As of 9:18 AM, the Sensex was down by 19.04 points or 0.02 percent at 77,136.58, while the Nifty50 showed a marginal increase of 4.30 points or 0.02 percent, trading at 24,090.00.
In the broader market, the Nifty Midcap and Nifty Smallcap indices were trading up by 0.17 percent and 0.24 percent, respectively.
Sector-wise, the Nifty IT index saw the most significant decline, while the Nifty PSU Bank, Nifty Metal, and Nifty Consumer Durables sectors performed better.
Among the Nifty50 stocks, Infosys, Tech Mahindra, TCS, and HCLTech were among the top losers.
The signing of an interim agreement between the U.S. and Iran, along with a reduction in geopolitical tensions, has bolstered global investor confidence, leading to a positive trend in the Indian market over the past four trading sessions.
Meanwhile, the U.S. Federal Reserve maintained the federal funds target at 3.5 percent to 3.7 percent. Although Chairman Kevin Warsh did not provide any forecasts regarding interest rates, the dot plot indicates a possibility of rate hikes in 2026.
Additionally, following the interim agreement between the U.S. and Iran, Brent crude prices have further declined, as the deal will open the Strait of Hormuz and lift U.S. sanctions on Tehran’s oil.
Market experts suggest that the market momentum remains positive. The Relative Strength Index (RSI) has risen to 60.87, indicating increased buying strength. The MACD also shows a positive crossover with increasing green histogram bars, signaling strong buying in the market.
Experts believe that the Nifty’s major resistance level currently stands at 24,100. If the index manages to stay above this level, a rally towards 24,300 to 24,500 could be expected. Conversely, the 23,900 to 23,800 range is seen as strong support.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.