Stock market today
: Indian equity benchmark indices,
BSE Sensex
and Nifty50, moved up in opening trade on Wednesday. While BSE Sensex opened over 100 points up,
Nifty50
was near 24,150. At 9:16 AM, BSE Sensex was trading at 79,036.42, up 80 points or 0.10%. Nifty50 was at 24,145.85, up 7 points or 0.028%.
According to Siddhartha Khemka, Head – Retail Research at Motilal Oswal, “We expect the market to continue its consolidation mode due to the lack of any major positive trigger.
However, investors should use this dip as a buying opportunity in quality stocks especially large-cap where valuations are still comfortable.”
Technical analysis suggests that the recent swing high of 24,472 could be a lower top for the Nifty on the daily time frame chart. A decline below the support levels of 24,000-23,900 might trigger a significant downward correction in the market, with immediate resistance placed at 24,350 levels, as per Nagaraj Shetti of HDFC Securities.
Global markets
showed mixed trends, with S&P 500 futures remaining stable, while the Hang Seng futures and Japan’s Topix rose. The Australian S&P/ASX 200 and Euro Stoxx 50 futures also exhibited gains. In the forex market, the euro and the Australian dollar were little changed, while the Japanese yen fell slightly against the dollar.
Oil prices climbed on Wednesday, supported by estimates of shrinking U.S. crude and gasoline inventories. The market is closely monitoring the potential escalation of the Middle Eastern war, which could impact global oil supplies. Brent crude futures rose to $80.99 a barrel, and U.S. West Texas Intermediate crude increased to $78.73 per barrel.
Several stocks are under the F&O ban today, including India Cements, AB Capital, Birla Soft, Indiamart, RBL Bank, Sun TV, Chambal Fertilisers, ABFRL, Manappuram, LIC Housing Finance, PNB, Granules, SAIL, Bandhan Bank, Biocon, and Aarti Industries. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net sellers, offloading shares worth Rs 2,107 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 1,240 crore.
Notable companies such as HAL, Ola Electric, Mazagon Dock Shipbuilders, and Bandhan Bank are set to announce their first-quarter results on Wednesday.
