Stock Market Live: Nifty, Sensex See Muted Start As Airtel, ICICI Bank Share Prices Weigh

Siemens India Ltd.'s September quarter results announced Tuesday has led brokerages to raise the stock's target price, driving the stock to hit its highest level in over a month.

Wipro Ltd. share price hit the highest level in over two years as the company fetched a $100 million deal from Marelli, a Japan–based automotive solution firm. Wipro has extended partnership with Marelli for four years.

Benchmark equity indices saw a muted start to Wednesday's session as share prices of Airtel and ICICI Bank weighed but those of Infosys and M&M limited the fall.

At pre-open, Nifty was at 24,204.80, up 0.04% or 10.30 points and Sensex was at 80,121.03, up 0.15% or 116.97 points. However, at 9: 18 a.m., they had erased their gains and traded flat.

According to Hardik Matalia, derivative analyst at Choice Broking, looking ahead, the 24,000 level is expected to act as a critical support zone."A decisive break below this level could drag the index toward the 23,800–23,600 range," he said. "On the upside, 24,500 remains a key resistance level, and a sustained breakout above this mark could open the door to higher levels."

In this volatile environment, he advises traders to adopt a buy-on-dips strategy as long as the index holds above 23,800.

Share prices of Bharti Airtel Ltd., Reliance Industries Ltd., Axis Bank Ltd., UltraTech Cement Ltd., and Cipla Ltd. dragged the Nifty by the most while those of HDFC Bank Ltd., M&M Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., and Coal India Ltd. minimised the fall.

Most sectoral indices opened lower, Nifty Auto and Nifty IT outperformed.

At pre-open, Nifty was at 24,204.80, up 0.04% or 10.30 points and Sensex was at 80,121.03, up 0.15% or 116.97 points.