Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex moved up over 200 points, Nifty50 was above 24,250. At 9:15 AM, BSE Sensex was trading at 79,695.06, up 218 points or 0.27%. Nifty50 was at 24,282.90, up 70 points or 0.29%.
Indian markets showed significant recovery on Tuesday, regaining most losses from the previous day despite uncertainties regarding Q2 GDP forecast revisions and the close US presidential race.
“The bulls are working to defend the 24,000 level in the Nifty amid ongoing choppiness, and a strong rally in banking majors has raised hopes for further recovery. However, upside potential appears limited, with a significant resistance zone around 24,400-24,500. Much will depend on global cues, with all eyes on the US presidential election. Traders are advised to maintain a hedged approach and keep position sizes in check until we see some stability,” said Ajit Mishra – SVP, Research, Religare Broking.
According to Nagaraj Shetti of HDFC Securities, Nifty’s short-term trend appears ready for reversal. A move above 24500 could initiate fresh upward momentum, while weakness might push levels down to 23900-800.
US markets showed strong gains across sectors, with Dow rising 1.02%, S&P 500 up 1.23%, and Nasdaq increasing 1.43%. Asian markets remained cautious as early US election results showed a tight race. The US dollar weakened during voting.
No stocks are currently in F&O ban. FPIs were net sellers at Rs 2,569 crore while DIIs purchased shares worth Rs 3,031 crore. FII net short position decreased from Rs 1.6 lakh crore to Rs 1.5 lakh crore.
