Indian equity markets started Wednesday’s session on a strong note, opening with a gap-up. The NSE Nifty 50 jumped 74.40 points, or 0.32%, to 23,031.65 at the opening bell, while the BSE Sensex gained 288.21 points, or 0.38%, to begin trading at 76,189.62. Both the benchmark indices rose over 0.7% on Wednesday in afternoon trade.
As of 12:30 PM, the Sensex stands at 76,420.30, up by 518.89 points or 0.68%, while the Nifty is at 23,132.30, rising by 175 points or 0.76%.
As of the pre-opening session today, the BSE Sensex was up by 466.99 points or 0.62%, reaching 76,368.40. Meanwhile, the NSE Nifty 50 was down by 80.05 points or 0.35%, trading at 22,877.20.
In the early trading hours, GIFT Nifty signalled a positive opening for domestic indices, with the NSE Nifty 50 and BSE Sensex on Wednesday. It was trading 56 points or 0.24% higher at 23,030.
Previous day recap
The Indian stock market ended on a positive note in the last session.
In the previous session, the NSE Nifty 50 gained 128.10 points or 0.56%, closing at 22,957.25, while the BSE Sensex rose by 535.24 points or 0.71%, settling at 75,901.41.
“YTD Nifty is down 3.3% while Nifty Midcap is down 9.1% and Nifty Small cap is down 14.71%. The takeaway from this important data is that valuations are reverting to mean. This trend will make the market healthy and is likely to continue. Correction in the overvalued broader market is desirable,” Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“The recovery in the market witnessed yesterday can continue with resilience in fairly priced financials. However, a sharp rally is unlikely since FIIs will sell at higher levels. The market will be looking forward to positive cues in the Budget. The Fed decision today is unlikely to influence the market since no change in policy is expected from this meeting,” he added.
Sectoral indices
In today’s trading session, the Nifty Bank opened at 48,994.30, up 127.25 points. The Nifty Midcap 100 gained 202.90 points, or 0.39%, to open at 51,732.35.
Similarly, the Nifty Midcap 50 opened higher by 82.35 points, or 0.57%, to trade at 14,423.75. The Nifty Smallcap 50 was trading at 7,648.95, down 0.15 points.
Top Gainers and losers
In the early trading hours, the top gainers on the Nifty 50 were Bajaj Auto, Cipla, Infosys, Tech Mahindra, and Wipro. On the flip side, the top losers included HDFC Life, NTPC, JSW Steel, Maruti Suzuki, and SBI Life.
The top gainers on the Sensex were Zomato, Bajaj Finserv, Tech Mahindra, Bajaj Finance, Power Grid, Tata Motors, Adani Ports, TCS, and Infosys. On the other hand, the top losers on the Sensex were Hindustan Unilever, ITC, Sun Pharma, and Maruti Suzuki.
“The Nifty’s surge followed by elevated last-hour selling shows that both bulls and bears are fighting a tactical tug-of-war. The index traced a “doji” pattern with a long upper shadow that shows overhead supply is still a concern despite the selling we have seen so far, while candles that formed on the broader benchmarks – NSE 500, mid- and smallcaps – had long lower shadows that shows how important holding the recent lows is for bulls. The nifty’s range for the day is 22786 – 23154 with a daily close above 23050 needed for a larger rebound in the near-term. On the downside, protecting 22900 will be pivotal based on options positioning for the weekly expiration coming due tomorrow,” said Akshay Chinchalkar, Head of Research, Axis Securities.