Sensex, Nifty today: Gift Nifty indicates weak start amid mixed global cues

Sensex, Nifty Today: Indian equity benchmarks Sensex and Nifty 50 are likely to open lower on Wednesday, tracking mixed signals from global markets. Early trends from Gift Nifty also point to a subdued start for domestic equities.

GIFT Nifty today

Gift Nifty was trading around 25,758, down 12.5 points or 0.05 per cent from the previous close of Nifty futures, indicating mild downside pressure at the open.

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Tuesday’s market close

The Indian stock market ended lower on Tuesday, though the Nifty 50 managed to hold above the key 25,700 level amid volatility. The Sensex declined 250.48 points, or 0.30 per cent, to close at 83,627.69. The Nifty 50 fell 57.95 points, or 0.22 per cent, to settle at 25,732.30.

Nifty technical view

Nifty closed lower for the sixth time in the last seven sessions. However, the five-day sequence of lower highs and lower lows came to a halt, with the index forming a higher high and a higher low. The index closed near the strong support zone of 25,750, which has acted as a key closing level over the past two months. Nifty also saw a wide intraday trading range of nearly 300 points.

Bank Nifty trends

Bank Nifty extended gains for the second straight session. The recent pattern of lower lows over five days was broken, with the index forming a higher high and higher low. The 58,700–58,800 zone continues to act as a strong support. The index has not closed below this level since November 14. The 59,700–59,800 range remains a key resistance area.

FII and DII activity

Foreign institutional investors reduced their index futures long positions to 7.54 per cent from 7.78 per cent. FIIs remained net sellers in the cash market for the seventh consecutive session, selling shares worth around Rs 1,500 crore. Across cash, index futures and stock futures, FIIs sold shares worth Rs 4,485 crore. Domestic institutional investors, meanwhile, continued their record buying streak for the 96th session, with net purchases of Rs 1,182 crore.

Global cues

US markets snapped a three-day record rally. Japan’s Nikkei hit a lifetime high for the second consecutive day. Crude oil climbed to a two-and-a-half-month high, trading above $65 a barrel. The rupee weakened by 4 paise to close at 90.19 against the dollar. The dollar index hovered near a five-week high around 99, while US bond yields remained flat near 4.18.

Commodities and crypto

Gold and silver touched fresh lifetime highs. Gold rose to Rs 142,949 per 10 grams, while silver climbed to Rs 279,528 per kg. In the last three days, gold gained around Rs 4,500 and silver nearly Rs 32,000. Since December 1, silver prices have risen by about Rs 1 lakh. Copper traded near its lifetime high, while aluminium remained strong for the fourth straight session. Zinc and lead extended gains for the third day. Bitcoin traded above $95,000, near its November 16 high.