Indian equity indices are on a roll in Wednesday’s trading session as metal stocks shine. The NSE Nifty 50 was trading at the day’s high, up 270 points or 1.03% higher at 26,160, which is around 85 points lower than the 52-week high of 26,246.65. The BSE Sensex rallied 864 points or 1.02% higher at 84,450. The rally was across the board as 2,276 stocks advanced, out of 3,046 total stock traded on the NSE.
The Bank Nifty was trading 637 points or 1.08% higher at 59,458. Similarly, the small and mid-cap stocks were in line with benchmarks. The Nifty Midcap surged 630 points or 1.04% higher at 60,927.
“Sometimes the market drifts without any apparent logic and reason. The very short-term movement can be against emerging fundamentals. The explanation for this indecisive movement can be found in technicals and market positioning related to the futures expiry date. Often, on the expiry date, the market witnesses high volatility in response to the speculative activity related to covering the short and long positions,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“The best strategy for retail investors is to refrain from trading and slowly accumulate fairly high-quality growth stocks, which will be available at attractive valuations due to heightened volatility. Such stocks will bounce back soon. Investors’ psychological behaviour is more important in such contexts,” he added.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were JSW Steel, Tata Motors PV, Adani Ports and SEZ, Tata Steel, and Trent. On the flip side, the key laggards in the Nifty 50 pack included Bharti Airtel, Tata Consumer Products, BEL, Eicher Motors, and Sun Pharma.
Major movers on Wednesday
The stocks that were the major movers in the opening trade included Reliance Industries, ICICI Bank, Infosys, Larsen & Toubro, and JSW Steel, which were the major movers in the morning trade.