Sensex and Nifty: Around 9:45 a.m., the S&P BSE Sensex was up 2.12 points to 64,944.52, while the NSE Nifty 50 gained 17.30 points to 19,424.
Despite positive global cues, benchmark stock market indices opened flat on Wednesday. Some heavyweight banking stocks fell, contributing to the flat start.
Around 9:45 a.m., the S&P BSE Sensex was up 2.12 points to 64,944.52, while the NSE Nifty 50 gained 17.30 points to 19,424. The major market indices began the trading session on a positive note, albeit with minor gains.
Except for the Nifty Bank and Nifty Financial Services, the majority of the major sectoral indices began in positive territory.
BPCL, Asian Paints, Dr. Reddy’s, Cipla, and Adani Ports were among the top five gainers on the Nifty 50. ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, Axis Bank, and NTPC, on the other hand, were the biggest losers.
While Asian stocks improved, possibly due to signs that the US Federal Reserve is nearing the end of its policy tightening cycle, domestic investors remained cautious. Uncertain global cues, influenced by various factors, contributed to foreign institutional investors’ (FIIs’) cautious outlook and selling.
Foreign institutional investors sold shares worth Rs 497.21 crore on November 7, while domestic institutional investors bought stocks worth Rs 700.28 crore.
Aditya Gaggar, Director of Progressive Shares, noted the presence of an Inside bar candlestick pattern on the daily chart, indicating market consolidation.
Mandar Bhojane, research analyst at Choice Broking, predicted that the benchmark Sensex and Nifty would open slightly higher.
It is recommended that investors with long positions continue to trail their stop loss to protect their gains. Traders should consider buying the dips, but exercise caution by setting a strict stop loss near the 19,200 levels to effectively manage risks, Bhojane said.
