Stock market today: BSE Sensex surges 250 points near 75,000 mark; Nifty50 above 22,650

Stock market today: BSE Sensex surges 250 points near 75,000 mark; Nifty50 above 22,650

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Stock market today: BSE Sensex and Nifty50, Indian benchmark equity indices, opened in green on Wednesday. BSE Sensex surged over 250 points and Nifty50 was above 22,650. At 9:20 AM, BSE Sensex was trading at 74,824.42, up 141 points or 0.19%. Nifty50 was at 22,681.30, up 39 points or 0.17%.
Equity markets opened at fresh highs on Tuesday but ended the day flat due to profit booking at higher levels.Investors are closely watching upcoming US and Chinese inflation data along with the release of US FOMC meeting minutes on Wednesday.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, the start of the result season will bring about stock-specific action in the market. Focus is expected on agri and rural-related stocks following Skymet’s forecast of a normal monsoon for India in 2024.
Tech View suggests that Nifty is near crucial resistance levels and a break below 22500 could lead to a short-term correction. India VIX, a fear gauge, fell to 11.36 levels.
US stocks saw mixed performance with the S&P 500 making marginal gains ahead of key inflation data. Asian markets traded cautiously awaiting the inflation figures that will influence the Federal Reserve’s decisions. Oil prices held steady after recent fluctuations, impacted by uncertainty over Gaza ceasefire talks.
The dollar was stable with focus on US inflation data, while the yen remained close to a critical level for Japanese intervention. Foreign portfolio investors were net sellers, while domestic institutional investors bought shares. The rupee slipped slightly against the US dollar on account of the flat equity market close.
Foreign institutional investors shifted from a net short position to a net long position in the market. The overall market sentiment remains cautious as global factors continue to influence trading decisions.


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