Share Markets Chase Away The Blues, Sensex Over 200 Points Higher, Nifty Above 25,950
Since Friday, the Nifty has shed more than 1 per cent, while the Sensex bled 1.2 per cent during the same period, indicating a weakness prevalent in the markets.
The Indian stock markets looked set to take a break from their losing streak on Wednesday. The BSE Sensex rang the opening bell near 84,800, soaring more than 200 points, while the NSE Nifty50 began the day above 25,950, jumping 67 points, around 9:15 AM.
On the 30-share Sensex, BEL and Bharti Airtel remained the only laggards in the morning. Meanwhile, Trent, TMPV, Tech M, Tata Steel, and Adani Ports dominated in green.
In the broader markets, the Nifty Smallcap50 stood out with gains of 0.72 per cent. Sectorally, the Metal index led across the board and jumped 1.29 per cent. On the other hand, the Chemicals index emerged as the exception in red and slipped 0.03 per cent.
Notably, the indications in the pre-open session remained mixed. Around 9:06 AM, the Sensex tanked close to 150 points and breached 84,500, and the Nifty inched closer to 25,800.
Global Markets And Oil Prices
In Asian markets, South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite and Hong Kong's Hang Seng were trading in positive territory. US markets also finished higher on Tuesday, offering a strong global backdrop for Indian equities at the start of trade.
According to Ponmudi R, CEO of Enrich Money, the firm tone in global markets follows the latest US economic indicators, including September retail sales and producer price data, which pointed to softening demand and easing inflation, reinforcing expectations of a potential rate cut in December.
Foreign Institutional Investors (FIIs) bought equities worth Rs 785.32 crore on Tuesday, while Domestic Institutional Investors (DIIs) purchased stocks worth Rs 3,912.47 crore, as per exchange data. Meanwhile, Brent crude, the global oil benchmark, rose 0.35 per cent to $62.70 per barrel.
Markets On November 25
In the previous trading session on Tuesday, sentiment remained bleak among investors as both benchmarks closed lower for the third straight session. This downfall could be attributed to weakness in IT and auto stocks, coupled with persistent foreign fund outflows, which weighed on sentiment.
The Sensex slipped over 300 points to finish at 84,587.01, with 24 of the 30 components ending in the red. The Nifty also ended lower, declining 74.70 points to 25,884.80. With this, the Nifty lost 307 points, over 1 per cent, across three sessions since Friday, falling below the 26,000 mark. The Sensex, during the same period, shed 1,045 points, or 1.2 per cent.
According to Vinod Nair, Head of Research at Geojit Financial Services, trade remained volatile on the monthly expiry day as the market grappled with a weakening INR and continued FII outflows. He added that investors stayed cautious ahead of clarity on a potential rate cut in the upcoming FOMC meeting and updates on the Indo-US trade deal, despite some improving cues.
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