Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green and surged in trade after the RBI changed the monetary policy stance to neutral. While BSE Sensex crossed the 82,000 mark, Nifty50 was above 25,100. At 10:17 AM, BSE Sensex was trading at 82,044.76, up 410 points or 0.50%. Nifty50 was at 25,151.85, up 139 points or 0.55%.
The top BSE Sensex gainers were Bajaj Finance, SBI, Axis Bank, Tata Motors and Bajaj Finserv.The top losers were Nestle India, ITC, HUL, JSW Steel and NTPC.
After a six-day losing streak, the markets experienced a rebound on Tuesday. Although the recovery in key heavyweights could propel Nifty higher, analysts caution that maintaining this upward momentum may prove challenging.
“Nifty faces an immediate resistance zone around 25,150-25,300, with a significant hurdle still at 25,500. Traders should consider using this recovery to lighten positions and remain selective for long trades. We continue to favor IT and pharma stocks for their resilience and recommend careful stock selection in other sectors,” said Ajit Mishra – SVP, Research, Religare Broking.
Technical analysis by Nagaraj Shetti of HDFC Securities suggests that a decisive move above the 25,000 level could potentially open up the next upside resistance at 25,400-25,500 in the near term, with immediate support at 24,700.
US stocks closed higher on Tuesday, recovering some of the losses from the previous session. Investors bought back into technology stocks and shifted their focus to upcoming inflation data and the start of the third-quarter earnings season. The Dow rose 0.3%, the S&P 500 gained 0.97%, and the Nasdaq increased by 1.45%.
Asian shares advanced on Wednesday, following a tech rally on Wall Street and stabilizing bets on Federal Reserve rate cuts. Shares in Australia and Japan rose, as did Hong Kong equity futures, despite sharp declines on Tuesday. US equity futures dropped slightly after the S&P 500 rose 1% and the tech-heavy Nasdaq 100 advanced 1.6% on Tuesday. Chipmakers, including Nvidia Corp., were among the market leaders.
The dollar remained steady on Wednesday, providing some relief to the yen and other major currencies after a sharp rally to a seven-week high last week. Investors paused to assess the interest rate path outlook for the United States.
Several stocks are in the F&O ban period today, including BirlaSoft, Bandhan Bank, Hindustan Copper, RBL Bank, Granules, Manappuram, PNB, GNFC, IDFC First Bank, and SAIL. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net sellers, offloading shares worth Rs 5,729 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 7,001 crore. The net short position of FIIs increased from Rs 34,724 crore on Monday to Rs 74,995 crore on Tuesday.