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Indian benchmark indices, BSE Sensex and Nifty50, opened flat with a slight positive bias on Wednesday, despite weak global cues
Stock Market Today
Sensex Today: Indian benchmark indices, BSE Sensex and Nifty50, opened flat with a slight positive bias on Wednesday, despite weak global cues.
At the opening bell, the BSE Sensex gained 80.04 points, or 0.11%, reaching 75,381.30, while the Nifty50 rose by 15.25 points, or 0.07%, to stand at 22,849.55.
Meanwhile, according to Shrikant Chouhan, head equity research, Kotak Securities, after a long consolidation, the Nifty and Sensex indices successfully surpassed the 22,600 and 74,500 resistance zones on Tuesday. He says the market is currently trading comfortably above the 20-day SMA (Simple Moving Average), which also indicates a further uptrend from current levels.
“We believe that the short-term market outlook is bullish; but for day traders, buying on intraday corrections and selling on rallies would be the ideal strategy. Going ahead, 22,700/75,000 and 22,600/74,500 will act as key support zones for Nifty/Sensex, while 22,950/75,600 and 23,000/75,800 could serve as profit-booking areas,” he says.
Global Cues
US markets closed in the red on Tuesday, after after two straight sessions of gains.
The Dow Jones Industrial Average lost 260.32 points, or 0.62 per cent, to close at 41,581.31. The S&P 500 shed 1.07 per cent, ending at 5,614.66, and the Nasdaq Composite dropped 1.71 per cent to settle at 17,504.12.
Markets in the Asia-Pacific region were mixed on Wednesday, tracking declines on Wall Street overnight after a sell-off in tech stocks there picked up pace.
Japan’s benchmark Nikkei 225 was up 0.54 per cent, and the broader Topix index gained 0.88 per cent, as investors awaited the Bank of Japan’s announcement of its monetary policy decision later in the day, where it is widely expected to hold interest rates steady at 0.5 per cent.
South Korea’s Kospi was ahead by 0.67 per cent, and the small-cap Kosdaq was lower by 0.67 per cent.
Mainland China’s CSI 300 was lower by 0.82 per cent, while Hong Kong’s Hang Seng Index declined by 0.46 per cent.
Meanwhile, Australia’s S&P/ASX 200 was trading flat with a positive bias.
