Stock market today
:
Indian equity benchmark indices
,
BSE Sensex
and Nifty50, opened in green on Wednesday. BSE Sensex moved up over 100 points and
Nifty50
was above 22,530. At 9:19 AM, BSE Sensex was trading at 73,988.18, up 35 points or 0.047%. Nifty was at 22,538.85, up 10 points or 0.043%.
On Tuesday, the benchmark index Nifty experienced sideways trading, closing with minor gains, while the volatility index surged past 21 levels.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial, remains optimistic about the market’s stability and anticipates a gradual upward movement, despite FII selling and elevated India Vix levels. According to him, the key events this week are UK inflation data, US Existing Home Sales number and FOMC meeting minutes.
Subash Gangadharan of HDFC Securities believes that the uptrend will resume once the 22,600 resistance levels are breached, with crucial support at 22,404.
In the United States, stocks closed with modest gains, pushing the S&P 500 and Nasdaq to record highs. Investors analyzed recent statements from Federal Reserve officials for hints about the timing of a rate cut and awaited Nvidia’s quarterly earnings report. The Dow gained 0.17%, the S&P rose 0.25%, and the Nasdaq increased by 0.22%.
Asian stocks slipped following the S&P 500’s record high, ahead of Nvidia Corp.’s results, which traders view as an indicator of the bull market’s sustainability. S&P 500 futures and Hang Seng futures were little changed, while Japan’s Topix fell 0.4%, Australia’s S&P/ASX 200 rose 0.1%, Euro Stoxx 50 futures fell 0.4%, and Nasdaq 100 futures were steady.
Oil prices declined for the third consecutive session on Wednesday, as expectations grew that the Federal Reserve might maintain higher interest rates for an extended period due to persistent inflation, potentially impacting fuel consumption in the United States, the world’s largest oil consumer.
The dollar remained steady against several peers on Wednesday, as the market evaluated calls for patience from Federal Reserve officials and awaited the release of Fed minutes for further insight into the central bank’s path.
Several stocks are in the F&O ban period today, including Vodafone Idea, Biocon, ZEE, Balrampur Chini Mills, GMR Infra, IEX, Nalco, PEL, PNB, Granules, India Cements, Bandhan Bank, and AB Capital. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) were net sellers at Rs 1,874 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 3,549 crore. The rupee appreciated by 6 paise to close at 83.31 against the US dollar on Tuesday, supported by a weak greenback against major currencies and softening crude oil prices in international markets. The net short position of FIIs reduced from Rs 2.46 lakh crore on Saturday to Rs 2.11 lakh crore on Tuesday.
Several companies, including Sun Pharma, Grasim, Nykaa, Paytm, Jubilant Food, and Gland Pharma, are set to announce their fourth-quarter earnings on Wednesday.
