Today's stock market: The major Indian equity indexes, the BSE Sensex and Nifty 50 reached all-time highs during Wednesday's opening trading before closing lower. Nifty50 reached a new high of 24,461.05. Meanwhile, the BSE Sensex reached an all-time high of 80,481.36. The BSE Sensex was down 156 points, or 0.19%, at 80,195.88 at 9:20 AM. The Nifty50 was down 36 points, or 0.15%, at 24,397.40.
HDFC Securities' Nagaraj Shetti says the Nifty's fundamental trend is still bullish. The Nifty may soon approach another important resistance level of 24960 (1.786% Fibonacci extension) after breaking above the critical overhead resistance of 24400 levels (1.618% Fibonacci extension). 24250 is the current level of support.
"In general, we anticipate that markets will trade favorably and that they will follow clues from the budget, Q1FY25 results, and incoming inflation data. The pharma industry is expected to be in the spotlight over the next few days due to its favorable valuation and the anticipation of strong earnings growth in Q1, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
As of 9:43 a.m., Tokyo time, the S&P 500 futures on international markets were flat, and the Topix in Japan was also unchanged. The S&P/ASX 200 in Australia fell by 0.5%, while futures for the Euro Stoxx 50 increased by 0.3%.
After rising off a three-week low in response to Federal Reserve Chair Jerome Powell's cautionary remarks about the timing of prospective interest rate decreases, the dollar rose on Wednesday. Trades kept a tight eye on the New Zealand dollar in anticipation of clues on when the central bank will decide to change interest rates.
India Cements, IEX, ABFRL, Bandhan Bank, PEL, GNFC, Chambal Fertilizers, Indus Tower, and Balrampur Chini Mills are among the stocks that are now subject to the F&O ban.
On Tuesday, domestic institutional investors and foreign portfolio investors combined to acquire shares worth Rs 1,416 crore and Rs 314 crore, turning foreign portfolio investors into net buyers. From Rs 3.77 lakh crore on Monday to Rs 3.85 lakh crore on Tuesday, FIIs' net long position grew.
