Stock Market Today: Sensex Springs Back! Markets Rebound As Ceasefire Cools Nerves
Market watchers say traders are eyeing the latest consumer price index data, giving some momentum to Wednesday’s bounce.
Stock Market Today: After a jittery Tuesday that saw traders hitting the panic button, the Indian stock markets hit “refresh” on Wednesday. Investors returned with renewed energy as BSE Sensex opened at 81,278.49, up by 130.27 points (0.16%), while the NSE Nifty 50 climbed 35.50 points (0.14%) to 24,613.80.
The rebound comes after markets took a dip post-Monday’s high, which was fueled by optimism surrounding the India-Pakistan ceasefire. Now that the dust has (temporarily) settled, traders are back at the wheel—some cautiously, some full throttle.
Top Gainers And Losers On Stock Market
Early in the trading session, the market scoreboard saw a split:
Top gainers included:
- Tata Steel
- Bharti Airtel
- Shriram Finance
- Tech Mahindra
- JSW Steel
Meanwhile, in the red corner:
- Tata Motors
- Cipla
- Hero MotoCorp
- Asian Paints
- Eicher Motors
Looks like steel and telecom are flexing, while autos and pharma hit a speed bump.
FPIs Hit the Brakes, DIIs Hit the Gas
Tuesday’s sell-off? Thank foreign investors.
“Indian markets saw some profit booking after the 4-year highest surge on Monday post the tenuous ceasefire developments on the Indo-Pak borders,” said market expert Ajay Bagga.
“FPIs saw a net outflow in the cash market, but what is more worrisome is the huge selling they did in the futures market.”
But worry not! Domestic players picked up the slack.
“For now, domestic retail investors have picked up this selling with a contra net positive position in the futures. DIIs also bought heavily, a result of both the investment of excess cash holdings as well as a surge in flows into mutual funds,” Bagga added.
Relief Rally Or Range-Bound Ride?
Market watchers say traders are eyeing the latest consumer price index data, giving some momentum to Wednesday’s bounce.
Investment firm Bernstein added that markets are “back to business” after a dramatic geopolitical weekend.
“Our upgrade in January reflected a view that bottoming macro and limited impact of global events should support a bottom for Nifty below 22K,” Bernstein noted.
Mood Of the Market: Cautious Optimism
“Geopolitical tensions remained in focus as market participants monitored the fragile ceasefire between India and Pakistan,” said Sundar Kewat, Technical Analyst at Ashika Institutional Equity.
Translation? The rollercoaster isn’t over, but investors are back in line.
(With Inputs From ANI)
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