D-Street Remains Volatile, Sensex Inches Above 76,800, Nifty Inches Up 25 Points

The Indian stock market began trading on Wednesday with a muted sentiment. The BSE Sensex took a hit of 61 points and traded under 76,700 around 9:25 AM, while the NSE Nifty50 slipped 22 points to hover just above 23,300.

On the 30-share Sensex platform, IndusInd Bank, Axis Bank, SBI, Hindustan Unilever, and TCS emerged among the gainers. Meanwhile, the laggards in the session included Maruti, Eternal, Sun Pharma, Infosys, and NTPC. 

In the broader markets, the indices traded majorly in green. The Nifty Microcap 250 index drove the gains and climbed 0.90 per cent in the session. Sectorally, the PSU Bank dominated and jumped 1.65 per cent in the morning hours.

“Looking ahead, the next significant resistance level for the Nifty appears to be around 23869, which coincides with the previous swing high. On the downside, the 22900-23000 zone is likely to provide immediate support for the index,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.

As markets progressed, indices reversed their momentum. Around 9:55 AM, the Sensex climbed 80 points to trade above 76,800, while the Nifty inched up 25 points to cross 23,350 in the session.

Global Markets And Macro Data

In the previous trading session, the US markets closed lower. The Dow Jones slipped 0.38 per cent to close under 40,400, while the S&P500 fell 0.17 per cent to end trading just under 5,400. Experts noted that the US indices ended lower on Tuesday amid escalating uncertainty around tariffs. However, Asian markets saw a mixed trend today. While Indonesia traded in the positive territory, Bangkok, Japan, Seoul, China, and Hong Kong remained in the red. 

Foreign institutional investors (FIIs) turned net buyers and purchased equities worth Rs 6,065.78 crore on Tuesday. Meanwhile, domestic institutional investors (DIIs) started dumping equities and withdrew Rs 1,951.60 crore, official data revealed.

The Indian rupee remained firm and appreciated 26 paise to touch 85.54 against the US dollar in early trade on Wednesday, backed by foreign capital inflow, a muted American dollar, and falling crude oil prices. 

Official data released on Tuesday showed that the wholesale price inflation in the country plunged to a 6-month low of 2.05 per cent in March as prices of vegetables, potato and other food items eased. Retail inflation also declined marginally to a nearly six-year low of 3.34 per cent in March due to a fall in the prices of vegetables and protein-rich items.

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