Mumbai (Maharashtra) [India], September 25 (ANI): Indian equity markets recovered soon after opening in the red on Friday, extending Thursday's correction, to trade largely flat. The Sensex gained over 100 points, while the Nifty hovered around the 23,100 mark, with Nifty IT emerging as the biggest sectoral laggard.

At the time of reporting, Sensex was trading at around 73,691.72, up 111.18 points or 0.15 per cent against the previous close of 73,580.54. Likewise, Nifty was trading at around 23,099.55, up 36.45 points or 0.16 per cent against the previous close of 23,063.10. 

Sectoral indices traded mixed, with Nifty IT emerging as the biggest laggard, falling 1.44 per cent. Auto, financial services, banking, realty and metal indices traded in the green, while most broader market indices remained under pressure.

On NSE, Adani Enterprises, Eternal, Power Grid, Shriram Finance, TMPV, Asian Paints, SBIN, Axis Bank, Nestle, LT, Bajaj Auto, JSW Steel, Indi Go, Adani Ports, Trent, HDFC Life among others were the top gainers. Infosys, TCS, ONGC, Sun Pharma, SBI Life, HCL Tech, Wipro, among others, were the top drags. 

Likewise, on BSE, M&M, LT, Axis Bank, Power Grid, SBIN, ICICI Bank, Eternal, Indi Go, Bharti Airtel, Bajaj Finserv, HDFC Bank, among others, were the top gainers; meanwhile, TCS, ITC, Sun Pharma, BEL, Trent, Hindustan Unilever, Adani Ports, among others, were the top laggards during the early morning trade. 

In the commodity market, Brent crude was trading at around USD 105.56 per barrel while crude oil was trading at around USD 93.08 per barrel at the time of reporting. 

At the same time, gold was trading at around USD 4,274.39. 

Market analyst Vipin Dixena noted, "The Indian market is attempting a recovery after yesterday's fall and trying to stabilise as crude has eased slightly. But I would remain very cautious at these levels."

As per the analyst, domestic buying is clearly cushioning the downside. However, he stressed, "until FII selling moderates, I would be careful about treating any bounce as a confirmed reversal."

"On the positive side, Asian markets are not showing the same degree of panic, and any further moderation in oil could provide some breathing room for Indian equities," he added. 

"Technically, 23,000 is the level I am watching most closely today. If Nifty holds 23,000 and reclaims 23,200-23,300, we can see a relief move towards 23,400-23,500. But a decisive break below 23,000 would make 22,900-22,700 the next important zone and would indicate that yesterday's selling has not yet exhausted itself. RSI has already moved into the low-30s, reflecting the sharp increase in bearish momentum," Dixena said. 

Hemang Gor, Senior Research Analyst - Derivatives & Technical Research, Axis Direct noted, "In Asia, the Nikkei is up about 1.2%, while Hong Kong is indicated weaker and Korea remains shut for Chuseok until Monday."

As per Gor, the undertone remains subdued as long as the index trades below 23,150. 

"Immediate support lies at 23,000; a break could drag it towards 22,800-22,850. Above 23,150, the pullback could extend to 23,250-23,300. However, any sustained easing in crude and yields could help the market recover lost ground," he said. (ANI)