Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, scaled new highs in trade on Wednesday. Both the indices hit lifetime highs – BSE Sensex reached 77,581.46, while Nifty50 reached 23,630.85. At 9:27 AM, BSE Sensex was trading at 77,476.45, up 175 points to 0.23%. Nifty50 was at 23,576.95, up 19 points or 0.081%.
The Indian stock markets continue to reach new heights, gradually expanding on the gains achieved following the election outcome.The markets are also taking cues from positive global trends, with the US steadily moving towards the presidential election in November. According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, volatility has decreased over the month, contributing to a short-term trend.
“The is also taking cues from positive global market trends, with the US moving steadily towards the presidential election in November. Volatility has decreased over the month, which is contributing to a short-term trend,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Nagaraj Shetti of HDFC Securities believes that having sustained above the 23,515 level (1.382% Fibonacci extension), the Nifty may move towards the next resistance of 23,950 (1.786% Fib extension) in the near term, with immediate support at 23,450.
Global markets are also showing positive signs, with S&P 500 futures remaining steady, Hang Seng futures rising 0.8%, Japan’s Topix increasing 0.5%, Australia’s S&P/ASX 200 edging up 0.1%, and Euro Stoxx 50 futures climbing 0.2%. The dollar faced declines following weak U.S. retail sales data, strengthening expectations of upcoming Federal Reserve interest rate cuts. The pound slightly decreased in anticipation of forthcoming UK inflation figures.
In the Indian markets, foreign portfolio investors turned net buyers at Rs 2,569 crore on Tuesday, while domestic institutional investors bought shares worth Rs 1,557 crore.