Stock market today: BSE Sensex rises 200 points, Nifty50 nears 21,100 level – Times of India

by The Technical Blogs

Stock market today: BSE Sensex and Nifty50, the Indian stock market benchmark indices, opened in green on Wednesday. While BSE Sensex rose 200 points, Nifty50 was near the 21,100 levels. At 9:20 AM, BSE Sensex was trading at 72,632.63, up over 160 points or 0.22%. Nifty50 was at 22,062.10, up over 55 points points or 0.26%.
Equity markets traded in the negative territory on Tuesday due to various factors affecting investor sentiment.The shortened trading week, derivatives monthly expiry, and upcoming global economic data release has kept investors cautious.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said that he expects the market to consolidate in a broader range, with the possibility of some buying before the financial year end.
Technical analysis suggests support levels for Nifty at 22,000 and 21,800-850, with resistance levels at 22,075 and 22,200-250.
In Asian markets, stocks saw mixed movements with Japan’s Topix rising and Hong Kong facing a decline. US equities slipped on Tuesday, with the Dow and S&P 500 experiencing their third consecutive decline amid anticipation of economic data. The dollar stabilized following strong US economic data, impacting currencies like the Japanese yen and Euro.
SAIL was the sole stock in the F&O ban on Wednesday due to crossing the market-wide position limit.
Foreign portfolio investors turned marginal net buyers, while DIIs bought shares worth Rs 5,024 crore. The rupee strengthened against the US dollar, closing at 83.29 on Tuesday. FII data showed a net short increase from Rs 72,379 crore on Friday to Rs 75,404 crore on Tuesday.

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