donald trump Today, the Indian stock market managed to recover after huge ups and downs throughout the day amid the election of US President and massive selling by foreign investors. When the market closed, both the major indices Sensex and Nifty closed with good strength. BSE Sensex jumped 566.63 points to close at 76,404.99. Similarly, NSE Nifty rose by 130.70 points to reach 23,155.35 points. IT and banking stocks played an important role in supporting the market today. Among the 30 Sensex-listed companies, shares of Infosys, Sun Pharmaceutical, Tata Consultancy Services, ITC, Titan, Tech Mahindra, HDFC Bank, Bharti Airtel and Bajaj Finance were among the gainers. However, on the other hand, even today mid cap and small cap stocks were badly beaten. At one time during trading, the mid-cap index fell by 1500 points but later recovered. At market close, the midcap index fell by 516.19 points.
Selling by foreign investors
Sensex and Nifty opened with green mark on Wednesday amid mixed trend in global markets. In Asian markets, Japan’s Nikkei and South Korea’s Kospi were in profit, while China’s Shanghai Composite and Hong Kong’s Hang Seng were in loss. US markets closed on a positive note on Tuesday. International standard Brent crude rose 0.06 percent to $ 79.34 per barrel. According to stock market data, foreign institutional investors (FIIs) were sellers on Tuesday and sold shares worth a net Rs 5,920.28 crore.
What do experts say about the market?
Srikant Chauhan, Head of Equity Research, Kotak Securities, said the benchmark indices witnessed recovery from lower levels today. Nifty closed 131 points higher while Sensex closed 567 points higher. Among sectors, the IT index gained over 2 per cent, while the realty index fell by over 4.5 per cent. Technically, after intraday correction, the market found support near 23000/75850 and bounced back sharply. However, the short-term trend of the market remains weak. For day traders, 23000/75850 will act as an important support zone. If the index remains above this level, the pullback formation is likely to continue. On higher levels, the market may bounce back in the range of 23250-23325/76700-76900. Conversely, if it falls below 23000/75850 then sentiment may change and it may fall to 22900-22880/75600-75500.
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