Mumbai, May 22 (IANS) The Indian equity markets posted mild gains early on Friday tracking positive global cues, over optimism regarding US-Iran peace negotiations.

As of 9.23 am, Sensex added 307 points, or 0.41 per cent, to reach 75,491 and Nifty gained 89 points, or 0.38 per cent to reach 23,744.

Main broad-cap indices showed divergence with the benchmark indices, as the Nifty Midcap 100 added just 0.06 per cent, and the Nifty Smallcap 100 lost 0.02 per cent.

Sectoral indices on NSE traded mixed with gains led by Nifty PSU bank and Nifty private bank up 0.53 per cent and 0.75 per cent, respectively. Nifty media and realty were the top losers down 0.83 per cent and 0.75 per cent, respectively.

Immediate support for Nifty is placed around the 23,500–23,550 zone, while resistance is seen near the 23,850–23,900 range, market participants said. Immediate support for Bank Nifty is placed around the 53,300–53,500 zone, while resistance is seen near the 54,400–54,500 range.

Analysts noted that market activity is majorly marked by buying on dips and selling on rallies, probably led by institutional activity.

Brent crude declining to below $105 and rupee appreciating to 96.20 from 96.96 level are positive developments, they added.

Broader market activity shows an optimistic trend due to positive quarterly earnings from small and midcaps.

Asia-Pacific markets traded higher Friday over investor optimism regarding diplomatic efforts in reaching a peace deal in the Middle East.

Tehran said it remains committed to keeping enriched uranium stockpiles within the country, according to reports, which could pose challenges in concluding a deal with Washington, as US President Donald Trump continues to claim dismantling Iran’s nuclear programme as his central military objective.

In Asian markets, China’s Shanghai index gained 0.33 per cent, and Shenzhen added 1.2 per cent, Japan’s Nikkei advanced 2.29 per cent, and Hong Kong’s Hang Seng Index inched up 0.9 per cent. South Korea’s Kospi added 0.17 per cent.

The US markets ended in green overnight as Nasdaq gained 0.09 per cent. The S&P 500 advanced 0.17 per cent, and the Dow Jones added 0.55 per cent.

On May 21, foreign institutional investors (FIIs) net sold equities worth Rs 1,891 crore, while domestic institutional investors (DIIs) net bought equities worth Rs 2,492 crore.

—IANS

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