Indian stock markets on Wednesday opened marginally up following global cues and a rally in US stock markets. According to the experts, the Indian markets are in balanced mode amid the FIIs selling and DIIs buying.
The Nifty 50 index on the National Stock Exchange opened 0.19 per cent or 45.40 points higher at 24,184.40 points, while the BSE Sensex index gained 109 points or 0.14 per cent to 79,065.22 at the opening.
At 10:33 am, Sensex was trading 54.24 points higher at 79,010.27, whereas Nifty was trading 11.60 points up at 24,150.60.
The top gainers at opening in the Nifty 50 list included Titan, Apollo Hospitals, Tata Consumers, Dr Reddy’s, and HCL Tech, while the top losers were BPCL, HDFC Bank, HDFC Life, Shri Ram Finance, and ONGC.
“In India the pattern of FII selling on valuation concerns and DII buying supported by money flows continues. Some segments like defence-related stocks which have run far ahead of fundamentals are witnessing corrections. Financials continue to be under pressure on concerns arising from rising costs of deposits. For long-term investors, quality banking stocks offer value” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In broad market indices on the NSE, Nifty Small Cap 50 led with a surge of 0.49 per cent, and other indices also gained. In the sectoral indices, Nifty Realty led with a gain of 0.51 per cent, while other sectoral indices also surged with marginal gains.
“Market sentiment has turned bearish as the index struggles to surpass the 21 EMA (Exponential Moving Average), suggesting a negative near-term trend. Resistance is now seen at 24,250; failure to break this level could prompt a sell-on-rallies strategy. Conversely, if the Nifty falls below 24,000, further declines towards 23,700 are possible” said Varun Aggarwal, MD, Profit Idea.
Hindustan Aeronautics, Mazagon Dock Shipbuilders, Ola Electric Mobility, Glenmark Pharma, Reliance Power, KNR Constructions, Redtape, and Reliance Infrastructure are some of the companies reporting financial results today.
In the Asian markets, Japan’s Nikkei 225 index declined marginally by 0.21 per cent to 36,155.26, and Hong Kong’s Hang Seng also declined marginally by 0.23 per cent. Meanwhile, other Asian stock markets, including Taiwan’s Taiwan Weighted index, South Korea’s KOSPI, and Jakarta Composite, gained on Wednesday.
The US markets rallied on Tuesday, with the Dow Jones index surging by more than 1 per cent, the S&P 500 increasing by 1.68 per cent, and the Nasdaq gaining by more than 2.4 per cent. (ANI)
