Stock Market Today: Sensex Rises 150 Points; Nifty Above 22,200 Amid Volatility. ZEE Slips 10%
Stock update: On 30-share Sensex platform, Tata Steel, JSW Steel, M&M, IndusInd Bank, ICICI Bank, UltraCemco were trading higher. Infosys, PowerGrid, HCLTech, NTPC, Bajaj Finance, L&T emerged losers
The two key equity benchmarks, Sensex and Nifty, on Wednesday were trading in the green amid mixed global cues amid volatility. At 10.05 am, the S&P BSE Sensex was jumped 161 points to 73,219. On the other hand, the NSE Nifty50 was trading at 22,244, up 47 points
On the 30-share Sensex platform, Tata Steel, JSW Steel, M&M, IndusInd Bank, ICICI Bank, UltraCemco were trading higher. On the down side, Infosys, PowerGrid, HCLTech, NTPC, Bajaj Finance, L&T emerged losers. Among individual stocks, shares of Zee Entertainment plunged 10 per cent after the company clarified that it is not involved in any negotiations in relation to Sony merger deal.
In the broader markets, the BSE Midcap index gained 0.30 per cent while the BSE SmallCap index rose 0.48 per cent.
Sectorwise, Nifty Metal index jumped 1 per cent while Nifty PSU Bank index gained 0.8 per cent. On the other hand, the Nifty Media index dropped 2 per cent.
In the previous session on Tuesday, the S&P BSE Sensex closed at 73,057, up 349 points, while the NSE Nifty50 shut shop at 22,197, up 75 points.
Deepak Jasani, Head of Retail Research at HDFC Securities, said US stocks ended lower on Tuesday as investors await earnings results from AI darling Nvidia on Wednesday as well as new clues from the Federal Reserve officials on interest rates after last week's inflation data. "US Fed officials will be speaking publicly, coupled with Wednesday afternoon's release of minutes from the central bank's January 30-31 meeting," he said in a pre-market open note.
Asian markets witnessed mixed trends, with Hong Kong's Hang Seng and China's SSE Composite Index recording gains while Japan's Nikkei 225 was trading almost flat. On Tuesday, European markets closed on a mixed note.
Foreign Institutional Investors (FIIs) were net sellers on Tuesday as they offloaded securities worth Rs 1,335.51 crore, according to exchange data.
Meanwhile, the rupee sustained its upward momentum for the third straight session and gained 6 paise to 82.91 against the US dollar in early trade on Wednesday, tracking a weak American currency and positive equity market sentiment.
However, selling pressure from foreign equity investors amid elevated level of crude oil prices resisted a sharp gain in the domestic currency, analysts said. At the interbank foreign exchange, the domestic currency opened at 82.90 and slipped to 82.91 against the greenback in initial deals, registering a gain of 6 paise from its previous close.
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