Mumbai: Indian stock markets opened cautiously on Wednesday, November 4, ending the early momentum seen during the previous four trading sessions. Weakness in Asian technology stocks and concerns over artificial intelligence spending weighed on investor sentiment.

The BSE Sensex opened at 76,853.11, declining 64.74 points or 0.08 per cent. The NSE Nifty started trading at 23,742.25, down 68.60 points or 0.29 per cent.

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Sectoral Pressure

Selling pressure emerged across several sectors during early trading. Nifty Consumer Durables, Nifty Realty and Nifty IT declined by up to 0.79 per cent. Metal, energy, private banking and PSU banking indices also traded lower. However, healthcare and pharmaceutical shares remained resilient. The Nifty 500 Healthcare, Nifty Healthcare and Nifty Pharma indices gained up to 0.23 per cent, outperforming the broader market.

FII Comeback

Foreign institutional investors (FIIs) have shown renewed interest in Indian equities following an extended selling period. According to market analysts, FIIs purchased shares worth ₹18,661 crore across five of the previous six trading sessions. On Tuesday alone, foreign investors bought equities worth ₹6,836 crore, marking their third consecutive buying session. Meanwhile, domestic institutional investors (DIIs) sold shares worth ₹3,678 crore.

Nifty Outlook

Technical indicators suggest that Nifty's broader recovery remains intact despite Wednesday's subdued opening. The index continues to trade above its 50-day exponential moving average near 23,196. Its Relative Strength Index (RSI) stands at 66.59, indicating positive momentum. The put-call ratio improved to 1.30, reflecting supportive derivatives positioning.

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Key Levels

Analysts identified immediate Nifty support between 23,500 and 23,600. Resistance is expected around 24,000–24,200, with the 200-day exponential moving average near 23,904 presenting an intermediate hurdle.

Global Cues

US equities closed higher in the previous session, supported by a recovery in artificial intelligence-related technology stocks. However, mixed Asian market trends and concerns over technology valuations kept Indian investors cautious. Analysts believe improving corporate earnings, attractive large-cap valuations and renewed foreign investment could support the market's recovery.