Stock market today: EEB Sensex and Nifty50, the benchmark stock indices for Indian equity markets, opened in red on Wednesday. BSE Sensex fell over 300 and Nifty50 fell below the 22,400 level. At 9:20 am, the BSE Sensex was trading at 73,577.41, down 326 points or 0.44%. Nifty50 was at 22,368.40, down 85 points or 0.38%.
Stock markets retreated from recent record highs and ended the day flat on Tuesday, with expectations of volatility hanging over global markets in the coming days. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, stated that after the strong movement in the previous session, he anticipates a period of consolidation considering several key events to come.
The technological view suggests that an advance above 22,500-22,600 levels could lead to further gains for the Nifty.
In the US, stocks fell as concerns grew about the postponement of interest rate cuts by the US Federal Reserve and Tesla shares fell due to lower quarterly deliveries. Asian markets followed suit with losses, driven by speculation of higher interest rates by major central banks.
Oil prices rose due to a significant draw in US crude oil inventories and rising geopolitical tensions, pushing Brent futures up 0.22% to $89.12 per barrel. The dollar remained strong, keeping the yen moderate, although threats of intervention from Tokyo limited its decline.
Hindustan Copper was among the stocks in the F&O ban period triggered by market-wide position limit violation. Foreign portfolio investors continued to be net sellers for the second consecutive day, while domestic institutional investors bought shares worth Rs 1,953 crore.
The rupee closed slightly lower against the US dollar at 83.42, influenced by a firm dollar and high oil prices. Furthermore, FIIs increased their net short position from Rs 21,587 crore to Rs 15,427 crore. The market outlook remains cautious amid global economic uncertainty and upcoming data releases.