Opening Bell: Nifty near 16,200, Sensex adds around 200 points; bank stocks shine
Taking cues from Asian peers, the Indian stock market opened in the green on Wednesday.
Taking cues from Asian peers, the Indian stock market opened in the green on Wednesday. The broader Nifty50 opened near 16,200, while the Sensex added over 200 points to start around 54,250 as benchmarks gained nearly half per cent each in the opening trade.
Nifty midcap and smallcap gained around 0.4% each as India VIX slid below 25-mark.
Sectorally, all indices, except Nifty IT opened in the green as banking and financial stocks outperformed
"The dominant trend impacting the market is the relentless selling by FPIs, which as on 25th May, has touched Rs 168421 cr for CY 2022. As long as this massive selling continues, the market will remain weak. Another major trend in the market is the shift from growth to value. Value buying happening in segments like banking, in spite of FPI selling, is imparting resilience to such segments, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The government's initiatives to rein in inflation indicate margin compression for segments like sugar, edible oil and metals, he said.
"But firms with pricing power can weather this storm. The decline in the dollar index and the US 10-year bond yield is a near-term positive for emerging markets but that will be insufficient to improve market sentiments which are weak," Geojit Financial Services expert added.
In the pre-open, the Sensex gained nearly 200 points as 22 stocks advanced, seven declined and one remained neutral on the 30-share index.
Earlier, all major Asian indices traded in the green in the morning. Hang Seng Index at the Hong Kong Exchange was up 0.7%, Chinese Shanghai Composite gained 0.5% and Japanese Nikkei was trading flat in the early trade.
Besides, SGX Nifty Futures on the Singaporean exchange rose by more than 60 points, hinting at positive opening for the Indian market on Wednesday.
On Tuesday, the US market continued to see pressure as major Wall Street indices ended in the red. Nasdaq closed lower by 270 points, S&P dropped 32 points and Russell 2000 lost 28 points. However, Dow Jones closed higher by 48 points.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
10:03 AM IST