Equity indices open in green, Adani Group top gainers

Domestic equity markets opened with mild gains during the early trading session on Wednesday. Any major move on either side of the markets was prevented by the absence of decisive cues or triggers. There is a chance that the benchmark indices will remain volatile ahead of the F&O contracts' expiry.

At 9.20, the 30 share pack BSE Sensex added 110.6 points, or 0.19 per cent, to trade at 57,724. NSE's Nifty 50 gained 37.45 points, or 0.22 per cent, to 16,989. Broader markets were up with the headline peers as the BSE midcap and smallcap indices were slightly up. India VIX's fear gauge dropped more than 2 per cent to 14.75 level.

The immediate support of 16900 remains, followed by the sacrosanct support of the zone 16850 -- 16800. While on the higher end, 17100 -- 17200 is likely to act as the sturdy wall, and an authoritative breach beyond that could only cause more respite in the comparable period, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

We would encourage the participants to keep a close tab on the mentioned levels and not to excessive risk in the market going forward. Even though the indices are not doing much, sector churning is visible in the broader market, and hence one should focus on identifying potential movers. He said that you should stay abreast of global developments.

During the early trading hours, the sectoral indexes of the Nifty were trading in green, led by strong gains in the Nifty Auto index. Nifty Bank, Financial Services, FMCG, Media and Pharma indices also posted some decent gains.

After some media reports, Adani's shares were back in focus on Wednesday after the exchange sought clarification from the group. Adani Transmission, Adani Total Gas and Adani Green hit lower circuits of 5 per cent each, while Adani Power and Adani Wilmar were slightly down. Adani Enterprises and Adani Ports traded higher.

Mahindra Mahindra's shares went up more than a per cent in the Nifty 50 pack, despite the Adani Group stocks. Eicher Motors, Bajaj Auto, Tata Motors, SBI Life Insurance, and Hindustan Unilever were trading with decent gains among the blue-chip counters.

Reliance Industries was ranked among the laggards in the barometer of the NSE. Tata Steel lost about a per cent of its value at the opening tick. Infosys, IndusInd Bank, Divi's Bank and UPL were among the other top laggards.

The market is likely to remain range-bound for some days before taking a new direction in the absence of near-term cues. Inflation, the Fed response and the banking crisis-related news will weigh on markets in the near term, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

With the FIIs turning buyers yesterday, the 16,800 Nifty level is unlikely to be broken on the downside. Expect a range-bound market in the near term. The recent correction has made valuations attractive for the broader market. He said that this is a good opportunity to invest in small and mid-sized mutual funds through SIPs for long-term investors.

On the back of heavy trading volumes, Quess Corp surged over 11 per cent in the broader markets. Faze Three rose more than 10 per cent, while Astec Lifescience advanced more than 8 per cent. Shalby jumped 6 percent after the company issued non convertible redeemable preference shares.

After its managing director and CEO refused to offer himself a re-appointment after its tenure, South Indian Bank plunged by 13 per cent. Symphony plunged more than 6 per cent, while Timken India fell 4 per cent.