Stock market today: On account of soft US inflation date and ease in US Fed rate hike fear putting US dollar index under pressure, Indian stock market witnessed strong buying during Wednesday deals. In opening bell today, all key benchmark indices — Sensex, Nifty 50 and Bank Nifty — opened with upside gap.
Sensex today opened higher at 65,461 and went on to hit intraday high of 65,601 levels, registering intraday gain of 668 points within few hours of stock market’s opening bell today.
Nifty 50 index opened higher and hit intraday high of 19,653 levels, logging 210 points gain during Wednesday session against its Monday close of 19,443 mark. Likewise, Bank Nifty index today opened higher at 44,398 levels and went on to hit intraday higih of 44,408 mark, registering intraday gain of 517 points on Wednesday.
Triggers for stock market today
On reasons that fuled Sensex over 650 points, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Indian stock market has risen after taking a pause on Monday. We can attribute five major reasons that have fueled Indian stock market today — soft US inflation data, US dollar index hitting 10-week low and dip in US treasury yield are major global triggers for the Indian stock market and I am expecting a fresh bull market after consolidation in last few months on FIIs’ selling. But, for that fresh bull trend, FIIs’ need to turn bullish on Indian stock market.”
On domestic indicators that helped Sensex log over 650 points on Wednesday, Avinash Gorakshkar said that continuation of strong quarterly results and resulrgent Indian economy are also doing the trick for Dalal Street.
So, these five triggers have worked in favour of Indian stock market together that helped key benchmark indices of the Indian indices to register strong gains during Wednesday session.
Gold rate today jumps as soft US inflation data pulls down US dollar index
Today’s rally is a participatory rally as small-cap index has outperformed key benchmark indices whereas mid-cap index has risen to the tune of 0.85 per cent and around two hours of trade is still left today.
Sensex, Nifty 50 outlook
Expecting bull trend to continue with some pause, Sumeet Bagadia, Executive Director at Choice Broking said, “Sensex today is in bull trend and it may go up to 68,000 levels once it decisively breaches its current resistance placed at 66,000 levels.”
Sumeet Bagadia said that Nifty 50 today is facing hurdle at 19,800 levels. Once it breaches this resistance, it may touch 20,000 levels in near term.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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