Stock market today: Indian stock benchmark indices, the BSE Sensex and the Nifty50, fell in early trade on Wednesday. While the BSE Sensex was trading above 84,700, the Nifty50 was at 25,900. At 9:16 a.m., the BSE Sensex was trading at 84,763.03, down 151 points (0.18%). The Nifty50 traded at 25,897.35, down 43 points or 0.17%.
The Indian stock market reached another big milestone on Tuesday, with the Sensex topping 85,000 points and the Nifty breaking the 26,000 mark. For the fifth consecutive session, the Nifty rose to a new all-time high, aided by continued purchasing in index heavyweights.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, remarked, "The Nifty crossed 1,000 points in 38 trading sessions, aided by good domestic indicators, healthy FIIs, and the US Fed's start of the rate decrease cycle. We expect the market's current trend to continue with sectorial rotation. Investors should keep an eye out for US consumer confidence statistics."
The Hang Seng futures surged 3.6%, while the Euro Stoxx 50 futures advanced 1.1%. The S&P 500 futures stayed basically steady, while Japan's Topix lost 0.1%. The S&P/ASX 200 index in Australia climbed 0.3%.
On the technical aspect, Osho Krishnan of Angel One stated that the 26,000 level is a severe obstacle to the current trend. A strong breakout might start the next leg of the rally towards 26,200, signifying a long-term uptrend. The 25,900-25,800 range is likely to compensate for any inadequacies, with good support around 25,750-25,700 in the same period.
In the foreign market, the euro held steady at $1.1191, while the Japanese yen advanced 0.1% to 143.07 per dollar. The offshore yuan rose 0.2% to 6.9990 per dollar.
Oil prices stabilized on Wednesday after surging the day before, as enthusiasm for China's economic stimulus began to fade. However, a data indicating dropping US crude and fuel inventories aided the market. Brent crude futures rose 3 cents to $75.20 a barrel, while U.S. West Texas Intermediate crude dipped 2 cents to $71.58.
Five stocks are currently under F&O ban: ABFRL, Granules, Hindustan Copper, Vodafone Idea, and IEX. These securities have exceeded 95% of the market's total position limit.
Foreign portfolio investors (FPIs) turned net sellers on Tuesday, selling shares worth Rs 2,784 crore. Domestic institutional investors (DIIs) also sold shares for Rs 3,868 crore. The FIIs' net long position fell from Rs 3.59 lakh crore on Monday to Rs 3.38 lakh crore on Tuesday.
