In Mumbai’s early trade on Wednesday, the benchmark equity indices, Sensex and Nifty, showcased a rebound, primarily led by the positive performance of index majors Reliance Industries and Maruti. Let’s explore the key highlights of this market movement.
Sensex and Nifty Performance
The 30-share BSE Sensex saw an upward climb of 270.18 points, reaching 72,740.48 in early trade. Similarly, the NSE Nifty witnessed a rise of 87.35 points, settling at 22,092.05 during the same period.
Major Gainers and Losers
Among the Sensex constituents, major gainers included Reliance Industries, Maruti, NTPC, Tata Motors, Axis Bank, Bajaj Finance, Hindustan Unilever, and Larsen & Toubro. Conversely, Infosys, Wipro, IndusInd Bank, and Nestle experienced declines.
Asian Market Trends
In Asian markets, Tokyo was in positive territory, whereas Seoul, Shanghai, and Hong Kong traded lower, indicating a mixed trend across the region.
Global Market Sentiment
Wall Street closed in negative territory in the previous session, reflecting some uncertainty and caution among investors.
Foreign Institutional Investors Activity
Foreign Institutional Investors (FIIs) turned net buyers on Tuesday, injecting confidence into the market with equities worth Rs 10.13 crore, as per exchange data.
Market Outlook and Expectations
Investor focus is now shifting towards key economic data releases and the upcoming earnings season. Despite challenges, there’s potential support for Nifty bulls from foreign institutional buying and the overall global market momentum. However, increased volatility is anticipated ahead of the futures and options (F&O) expiry.
Oil Market Movement
The global oil benchmark Brent crude saw a slight decline of 0.90%, settling at USD 85.47 per barrel, indicating stability in the oil market.
Previous Day’s Performance
In the previous trading session, both the BSE benchmark and NSE Nifty experienced declines. However, the rebound observed in early trade on Wednesday signals renewed optimism and investor activity in the market.
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