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Rising for the second day in a row, the domestic equity markets opened higher with the BSE Sensex jumping 289 points to 76,188 and the NSE Nifty gaining 85 points to 23,042 in the early trade.
Stock Market Updates Today.
Rising for the second day in a row, the domestic equity markets on Wednesday opened higher with the BSE Sensex jumping by 289 points to 76,188 and the NSE Nifty gaining 85 points to 23,042 in the early trade.
Among the 50 Nifty constituents, among the top gainers were Bajaj Auto, Infosys, Cipla, Hero MotoCorp, BEL surging up to 4.67 per cent in the morning trade.
However, Tata Consumers, Nestle India, Britannia, HDFC Life, and JSW Steel were the laggards.
Smallcap and midcap stocks are participating in the rally with the former jumping by over 1.5 per cent and the latter is up by a significant 650 points.
V K Vijayakumar, chief investment strategist, Geojit Financial Services, said, “YTD Nifty is down 3.3 per cent while Nifty Midcap is down 9.1 per cent and Nifty Small cap is down 14.71 per cent. The takeaway from this important data is that valuations are reverting to mean. This trend will make the market healthy and is likely to continue. Correction in the overvalued broader market is desirable.”
He added that the recovery in the market witnessed yesterday can continue with resilience in fairly priced financials. However, a sharp rally is unlikely since FIIs will sell at higher levels. The market will be looking forward to positive cues in the Budget. The US Fed decision today is unlikely to influence the market since no change in policy is expected from this meeting.”
On Tuesday, the benchmark equity indices, BSE Sensex and NSE Nifty50, closed in positive territory. The 30-share Sensex gained 535.24 points, or 0.71%, finishing at 75,901.41. Throughout the day, the index fluctuated between 78,512.96 and 78,622.88.
The NSE Nifty50 also closed higher at 22,957.25, marking an increase of 128.10 points or 0.56%. The index reached a high of 23,137.95 and a low of 22,857.65 during the session.
