Indian equity markets started Wednesday’s session on a strong note, opening with a gap-up. The NSE Nifty 50 jumped 74.40 points, or 0.32%, to 23,031.65 at the opening bell, while the BSE Sensex gained 288.21 points, or 0.38%, to begin trading at 76,189.62.
As of the pre-opening session today, the BSE Sensex was up by 466.99 points or 0.62%, reaching 76,368.40. Meanwhile, the NSE Nifty 50 was down by 80.05 points or 0.35%, trading at 22,877.20.
In the early trading hours, GIFT Nifty signalled a positive opening for domestic indices, with the NSE Nifty 50 and BSE Sensex on Wednesday. It was trading 56 points or 0.24% higher at 23,030.
Previous day recap
The Indian stock market ended on a positive note in the last session.
In the previous session, the NSE Nifty 50 gained 128.10 points or 0.56%, closing at 22,957.25, while the BSE Sensex rose by 535.24 points or 0.71%, settling at 75,901.41.
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“YTD Nifty is down 3.3% while Nifty Midcap is down 9.1% and Nifty Small cap is down 14.71%. The takeaway from this important data is that valuations are reverting to mean. This trend will make the market healthy and is likely to continue. Correction in the overvalued broader market is desirable,” Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“The recovery in the market witnessed yesterday can continue with resilience in fairly priced financials. However, a sharp rally is unlikely since FIIs will sell at higher levels. The market will be looking forward to positive cues in the Budget. The Fed decision today is unlikely to influence the market since no change in policy is expected from this meeting,” he added.
Sectoral indices
In today’s trading session, the Nifty Bank opened at 48,994.30, up 127.25 points. The Nifty Midcap 100 gained 202.90 points, or 0.39%, to open at 51,732.35.
Similarly, the Nifty Midcap 50 opened higher by 82.35 points, or 0.57%, to trade at 14,423.75. The Nifty Smallcap 50 was trading at 7,648.95, down 0.15 points.
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In the early trading hours,
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