Sensex Up 250, Nifty Gains 80 But Slips As Selling Pressure Returns
Markets opened in green on Wednesday as the Indian equity benchmarks attempted a recovery following consecutive declines, but soon declined as the selling pressure continued.
The BSE SENSEX opened at 74,809.68 points, up by 250.44 points or 0.34 per cent. Similarly, the NSE NIFTY 50 started at 23,460.20 points, gaining 80.65 points or 0.34 per cent in the early minutes of the session.
The positive start provided a brief relief for investors after a volatile period but it did not stand for long.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments said "Rupee has touched a new low of 95.63 to the dollar.”
Which sectors led gains in markets today?
“Investors should opt for safety now. Better to remain in cash till there is clarity on the crude price. Pharmaceuticals seem to be the safe sector now. Long-term investors can slowly accumulate large banking stocks on declines,” Vijayakumar said.
The market showed a generally positive trend across most sectoral indices, with NIFTY Metal leading the gains at a significant 1.44 per cent increase.
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Other sectors showing steady growth include NIFTY Pharma (0.67 per cent), NIFTY Healthcare index (0.56 per cent), and NIFTY Oil & Gas (0.46 per cent).
Conversely, a few sectors experienced minor declines, specifically NIFTY media, which dropped by 0.93 per cent, followed by marginal dips in NIFTY IT (-0.04 per cent) and NIFTY PSU Bank (-0.03 per cent).
Overall, indices like NIFTY FMCG and NIFTY Realty remain in the green.
Rajesh Palviya, Head of Research at Axis Direct, noted that the previous session saw a substantial downturn in market sentiment.
"Asian futures are soft this morning, and GIFT Nifty indicates a flat open. The battle lines are clear: 23,300 is immediate support, with 23,100-23,000 as the next zone, while bulls need a daily close above 23,500 for any recovery,” he said.
“Unless and until 23,800 is reclaimed, the bias remains bearish. The broader market saw substantial selling pressure, and one can adopt a sell-on-rise strategy until the Nifty surpasses the 23500-23600 level," Palviya added.
Regional performance across Asia remains varied. The Nikkei 225 climbed 439.43 points and the KOSPI rose by 132.04 points. Conversely, the Taiwan Weighted index faced a significant decline of 661.38 points.
(With inputs from ANI)