Stock Market Today: Domestic markets started trading in positive territory on Wednesday morning. Benchmark indices Nifty50 climbed over 50 points to reclaim 17,000-mark, whereas the S&P BSE Sensex gained over 200 points to trade around 57,823 levels.
The strength spread across broader markets as well, with Nifty Midcap 100 and Nifty Smallcap 100 indices surging up to 0.1 per cent. Volatility gauge, India VIX, meanwhile, slipped over 2 per cent.
Sectorally, Nifty Bank, and Nifty Auto indices led the charge as they gained up to 0.7 per cent, while Nifty Realty, and Nifty PSU Bank indices were bogged down in trade.
Among individual stocks, shares of Jindal Stainless surged over 2 per cent after the stainless steel firm signed an agreement with New Yaking Pte to set up a nickel pig iron smelter in Indonesia.
Besides, shares of RPP Infra Projects rallied over 3 per cent after the company bagged a new order worth Rs 148.08 crore.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “In the absence of near-term cues, the market is likely to remain range-bound for some days before taking a new direction. Cues from the mother market US on inflation, the Fed response and the banking crisis-related news will weigh on markets in the near-term. With FIIs turning buyers yesterday, 16,800 Nifty level is unlikely to be broken on the downside now. Expect a range-bound market for the near-term. The recent correction has made valuations for the broader market attractive. The Nifty Smallcap index and Nifty Midcap index are down around 10% and 6% respectively in the last three months. For long-term investors, this is a good opportunity to invest in Small and Midcap mutual funds through SIPs. In large-caps, HDFC twins and RIL exhibit strength.”
Global Cues
Globally, the US markets slipped overnight, led by losses in technology names as bond yields climbed back above 4 per cent. Dow Jones, NASDAQ Composite, and the S&P 500 indices declined up to 0.4 per cent.
Asia-Pacific markets, however, ticked higher this morning, with Nikkei 225, Topix, Kospi, and Hang Seng indices jumping up to 2 per cent.
The US dollar index, meanwhile, edged lower for the second straight day against a basket of major currencies. The greenback fell 0.2 per cent to 102.28.
In the commodity market, prices of Brent Crude, and WTI Crude rose up to 0.9 per cent to $79 per barrel, and $73 per barrel, respectively.
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