Stock market today: Nifty50 opens flat; BSE Sensex below 82,000 mark
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Wednesday. While Nifty50 was above 25,100, BSE Sensex was near the 82,00 mark. At 9:16 AM, Nifty50 was trading at 25,116.10, up 8 points or 0.031%. BSE Sensex was at 81,961.67, up 35 points or 0.043%.Market experts anticipate Indian equities to stay range-bound in the short term, with individual stock movements influenced by sector-specific developments, festival season demand and forthcoming earnings reports.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The ongoing mild rally in the market has support from institutional investment. FIIs turning buyers yesterday is a positive development. But it is too early to say that this trend will sustain. The out-performers this year like the US, Japan, Hong Kong, South Korea and Brazil have momentum in their favour. But since the valuation differential between India and other markets have come down, FIIs may view India more favourably. “The results season starting on 9th will witness lots of market action. Since most of the results of large players are already discounted by the market, the management commentary and guidance will be closely watched. There are reports of unprecedented demand and sales of automobiles and consumer durables in this festival season. These will be reflected only in the Q3 results. So watch out for the high frequency data from the real markets.“US stocks finished lower on Tuesday as traders, lacking government shutdown-affected economic data, focused on alternative indicators and Federal Reserve officials’ statements to understand economic conditions and monetary policy direction.Asian indices showed a slight decline at opening following Wall Street’s retreat from peak levels, creating investor wariness.Oil prices moved up slightly in early Wednesday trading as markets began to move past supply concerns, following their assessment of OPEC+’s decision to limit production increases for November.Gold prices reached a record high on Wednesday, approaching $4,000 per ounce, supported by economic uncertainties, geopolitical tensions and anticipated US Federal Reserve interest rate reductions.Foreign portfolio investors purchased shares worth Rs 1,441 crore net on Monday, whilst domestic institutional investors were net buyers at Rs 453 crore.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
