Stock market today: BSE Sensex And the Nifty50, the Indian equity benchmark index, opened in the green on Wednesday. While the BSE Sensex was above 81,500, Nifty50 was around 24,600. At 9:19 am, the BSE Sensex was trading up 9 points or 0.011 percent at 81,518.74. The Nifty 50 was up 7 points or 0.027 percent at 24,616.80.
Local markets ended flat on Tuesday, with analysts indicating that a recovery from lows suggests investors are buying into the downturn.
Ajit Mishra – SVP, Research, RallyGear Broking said: “Despite being strong, the continued rally in mid-cap and small-cap stocks is encouraging. Moreover, cyclical participation in most sectors has supported positive sentiment during this phase. Maintaining the outlook, focusing on long positions until the Nifty breaks decisively below the 24,300 level.”
The market outlook appears to be range-bound in the near term. Support lies at 24,470, with a potential drop of 200-250 points if breached. As per ET report, the resistance level is placed at 24,700-24,750.
U.S. indexes closed lower on Tuesday, with losses in the technology sector offsetting gains in the communications services sector. The Dow was down 0.35%, the S&P 500 was down 0.30%, and the Nasdaq was down 0.25%.
Asian markets were mixed as investors awaited US inflation data. Japanese and Australian indices declined, while Korean markets advanced. S&P 500 futures were flat.
FIIs invested Rs 1,286 crore while DIIs bought shares worth Rs 606 crore on Tuesday.
Net short position of FIIs increased to Rs 46,572 crore from Rs 37,694 crore.