Kamal Ghorui
Stock market today: Nifty50 and BSE Sensex continued their upward trend for the third day on Wednesday. While Nifty50 went above 23,650, BSE Sensex was up over 300 points. At 9:16 AM, Nifty50 was trading at 23,683.15, up 102 points or 0.43%. BSE Sensex was at 76,389.62, up or 319 points or 0.42%.Indian benchmark indices ended Tuesday’s session on a positive note, aided by stronger buying interest in key stocks.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Despite the uncertainty regarding the war markets have staged a bounce back. One factor that enabled this bounce back is crude remaining around the $ 102 level and fears of spiking above $120 not materialising. The near-term scenario will be one of markets responding mildly positively to some good news and negatively to bad news.” “Despite being sustained sellers in the market, FIIs have been selectively buying in some sectors like telecom. This partly explains the resilience in telecom stocks. Also, there is a portfolio churn happening away from IT and highly valued FMCG stocks towards telecom, pharmaceuticals, defense and select financials. Market leaders and fancied stocks in these segments will continue to be resilient even in a choppy market.“In the US, markets closed higher, led by gains in Delta Air Lines and other travel-related stocks, even as the Federal Reserve commenced its two-day policy meeting against the backdrop of concerns over elevated oil prices and the ongoing Middle East tensions.Asian markets also traded higher, while crude oil prices edged lower, signalling that investors are attempting to move beyond short-term geopolitical risks and seek some stability in financial markets.Oil prices eased slightly on Wednesday morning after data cited from the American Petroleum Institute indicated a rise in US crude inventories.Meanwhile, gold prices remained largely unchanged as investors stayed cautious, assessing the potential economic impact of the Middle East conflict ahead of the US Federal Reserve’s policy outcome.Foreign portfolio investors were net sellers of equities worth Rs 4,741 crore on Tuesday, whereas domestic institutional investors were net buyers, investing Rs 5,225 crore during the session.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
