BSE Sensex and Nifty50, two benchmark indexes for Indian equities, saw gains in early trading on Wednesday. Nifty50 stood at 24,150, while the BSE Sensex started more than 100 points higher. The BSE Sensex was up 80 points, or 0.10%, at 79,036.42 at 9:16 AM. The Nifty50 was up 7 points, or 0.028%, at 24,145.85.
Head of Retail Research at Motilal Oswal Siddhartha Khemka states, "We anticipate the market to continue its consolidation mode due to the lack of any major positive trigger." Nonetheless, investors ought to take advantage of this decline to purchase high-quality equities, particularly large-cap corporations, at reasonable prices."
According to technical analysis, the Nifty's latest swing high of 24,472 may represent a lower top on the daily time frame chart. According to HDFC Securities' Nagaraj Shetti, a drop below the support levels of 24,000–23,900 would set off a major market correction, with 24,350 levels acting as the market's immediate barrier.
Global markets exhibited contradictory patterns, with the S&P 500 futures staying unchanged and the Hang Seng and Japan's Topix rising. Gains were also seen in the Australian S&P/ASX 200 and Euro Stoxx 50 futures. The Australian dollar and the euro saw minimal movement on the foreign exchange market, while the Japanese yen saw a small decline vs the US dollar.
Wednesday saw a rise in oil prices due to projections of declining gasoline and crude stocks in the United States. The possible escalation of the Middle East conflict, which might have an influence on world oil supply, is being keenly watched by the market. U.S. West Texas Intermediate crude gained to $78.73 per barrel, while Brent crude futures rose to $80.99 a barrel.
India Cements, AB Capital, Birla Soft, Indiamart, RBL Bank, Sun TV, Chambal Fertilizers, ABFRL, Manappuram, LIC Housing Finance, PNB, Granules, SAIL, Bandhan Bank, Biocon, and Aarti Industries are among the stocks that are now prohibited from trading. The position limit for these securities on the market has been exceeded by 95%.
On Tuesday, domestic institutional investors (DIIs) purchased shares valued at Rs 1,240 crore, while foreign portfolio investors (FPIs) became net sellers and offloaded shares worth Rs 2,107 crore.
On Wednesday, renowned businesses including Bandhan Bank, Ola Electric, Mazagon Dock Shipbuilders, and HAL are scheduled to release their first-quarter financial reports.
