Stock market today: BSE Sensex up over 300 points; Nifty50 above 23,000

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex moved up over 300 points, Nifty50 was above 23,000. At 9:22 AM, BSE Sensex was trading at 76,148.51, up 247 points or 0.33%. Nifty50 was at 23,032.50, up 75 points or 0.33%.
On Tuesday, key market indices recovered from Monday’s significant drops, while mid and small cap indices continued their downward trend due to ongoing concerns about valuations and earnings performance.
Ajit Mishra – SVP, Research, Religare Broking stated, “We maintain our sell on rise stance for the index and emphasize the importance of robust risk management, particularly in broader market segments like midcaps and small caps, while awaiting clearer signals.”
The index is expected to remain bearish whilst below 23,000 (closing basis). Support exists at 22,800, with potential decline to 22,500 if breached. A close above 23,000 could provide temporary market relief, according to an ET report.
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US markets ended positively with Dow up 0.3%, S&P 500 gaining 0.9%, and Nasdaq rising 2%
Asian equities advanced on Wednesday morning, following the technology-driven recovery on Wall Street after a broad market decline. Investors now await the Federal Reserve’s interest rate announcement and earnings reports from major US companies.
Foreign portfolio investors shifted to a net selling position of Rs 4,921 crore on Tuesday, whilst domestic institutional investors purchased shares worth Rs 6,814 crore.
FIIs’ net short positions decreased to Rs 2.36 lakh crore on Tuesday from Rs 2.79 lakh crore on Monday.