Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, saw a muted opening in trade on Wednesday. While BSE Sensex moved up over 80 points, Nifty50 was above 22,250. At 9:21 AM, BSE Sensex was trading at 73,190.34, up 86 points or 0.12%. Nifty50 was at 22,257.25, up 39 points or 0.18%.
The Indian markets continued their recovery, supported by a moderation in CPI inflation levels to under 5% levels and positive signals from Asian counterparts.According to Vinod Nair, Head of Research at Geojit Financial Services, “Volatility and range-bound trading are likely to persist in the near term, given the ongoing uncertainty surrounding the low turnout.”
Technical analysis by Tejas Shah of JM Financial & BlinkX suggest that the immediate resistance zone for Nifty is at 22,200-250 levels, with the next resistance at 22,500. Analysts expect Nifty to remain volatile within the 21,800 – 22,300 range in the near term.
Asian markets are trading higher, following a technology-driven rally in US markets, as investors await key inflation data later on Wednesday for insights into the Federal Reserve’s future actions. The Hang Seng futures were little changed, while Japan’s Topix and Australia’s S&P/ASX 200 rose by 0.8% and 0.7%, respectively.
Also Read | Foreign portfolio investors sell shares worth over Rs 22,000 crore in May! What should your strategy be?
In the US, the Nasdaq hit a record closing high on Tuesday, while the S&P 500 and the Dow also advanced as Federal Reserve Chair Jerome Powell reassured investors. The Dow Jones Industrial Average rose 0.32%, the S&P 500 gained 0.48%, and the Nasdaq Composite advanced 0.75%.
The US dollar traded near a one-month low against the euro due to lower Treasury yields, as traders awaited the crucial US inflation report. The US dollar index was flat at 105.04 after dropping to a 1 1/2-week low of 104.95 on Tuesday.
Oil prices increased in early trade on Wednesday, driven by large wildfires threatening Canada’s oil sands and expectations of a drawdown in US crude oil and gasoline inventories. Brent crude futures were up 34 cents, or 0.4%, at $82.71 a barrel, while US West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel.
Nine stocks are under the F&O ban today, including Vodafone Idea, Canara Bank, ZEE, Balrampur Chini Mills, GMR Infra, SAIL, Hindustan Copper, PEL, and PNB.
Foreign portfolio investors (FPIs) were net sellers at Rs 4,065 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 3,527 crore. The rupee closed flat at 83.51 against the US dollar in a listless trade on Tuesday.
Several companies, including PFC, Mankind Pharma, RVNL, Dixon, and Titagarh, will announce their fourth-quarter earnings on Monday.
The Indian markets continued their recovery, supported by a moderation in CPI inflation levels to under 5% levels and positive signals from Asian counterparts.According to Vinod Nair, Head of Research at Geojit Financial Services, “Volatility and range-bound trading are likely to persist in the near term, given the ongoing uncertainty surrounding the low turnout.”
Technical analysis by Tejas Shah of JM Financial & BlinkX suggest that the immediate resistance zone for Nifty is at 22,200-250 levels, with the next resistance at 22,500. Analysts expect Nifty to remain volatile within the 21,800 – 22,300 range in the near term.
Asian markets are trading higher, following a technology-driven rally in US markets, as investors await key inflation data later on Wednesday for insights into the Federal Reserve’s future actions. The Hang Seng futures were little changed, while Japan’s Topix and Australia’s S&P/ASX 200 rose by 0.8% and 0.7%, respectively.
Also Read | Foreign portfolio investors sell shares worth over Rs 22,000 crore in May! What should your strategy be?
In the US, the Nasdaq hit a record closing high on Tuesday, while the S&P 500 and the Dow also advanced as Federal Reserve Chair Jerome Powell reassured investors. The Dow Jones Industrial Average rose 0.32%, the S&P 500 gained 0.48%, and the Nasdaq Composite advanced 0.75%.
The US dollar traded near a one-month low against the euro due to lower Treasury yields, as traders awaited the crucial US inflation report. The US dollar index was flat at 105.04 after dropping to a 1 1/2-week low of 104.95 on Tuesday.
Oil prices increased in early trade on Wednesday, driven by large wildfires threatening Canada’s oil sands and expectations of a drawdown in US crude oil and gasoline inventories. Brent crude futures were up 34 cents, or 0.4%, at $82.71 a barrel, while US West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel.
Nine stocks are under the F&O ban today, including Vodafone Idea, Canara Bank, ZEE, Balrampur Chini Mills, GMR Infra, SAIL, Hindustan Copper, PEL, and PNB.
Foreign portfolio investors (FPIs) were net sellers at Rs 4,065 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 3,527 crore. The rupee closed flat at 83.51 against the US dollar in a listless trade on Tuesday.
Several companies, including PFC, Mankind Pharma, RVNL, Dixon, and Titagarh, will announce their fourth-quarter earnings on Monday.