Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Wednesday. While BSE Sensex was above 81,500, Nifty50 was near 24,600. At 9:19 AM, BSE Sensex was trading at 81,518.74, up 9 points or 0.011%. Nifty50 was at 24,616.80, up 7 points or 0.027%.
The domestic markets ended flat on Tuesday, with analysts indicating that recovery from lower levels suggests investors are buying during dips.
Ajit Mishra – SVP, Research, Religare Broking said: “Despite the consolidation, the continued buoyancy in midcap and smallcap stocks is encouraging. Additionally, rotational participation across most sectors is sustaining the positive sentiment during this phase. Traders should maintain a stock-specific approach, focusing on long positions unless Nifty decisively breaks below the 24,300 level.”
The market outlook appears range-bound in the near term. Support exists at 24,470, with potential downside of 200-250 points if breached. Resistance levels are positioned at 24,700-24,750, says an ET report.
US indices closed lower on Tuesday, with technology sector declines offsetting communications services gains. The Dow fell 0.35%, S&P 500 decreased 0.30%, and Nasdaq dropped 0.25%.
Asian markets showed mixed performance as investors await US inflation data. Japanese and Australian indices declined, whilst Korean markets advanced. S&P 500 futures remained stable.
FIIs invested Rs 1286 crore whilst DIIs purchased shares worth Rs 606 crore on Tuesday.
FII net short position increased from Rs 37,694 crore to Rs 46,572 crore.