Indian Equity Indices Open Strong Amid Broad-Based Buying
Mumbai: Indian equity indices opened on a positive note on Wednesday, driven by broad-based buying.
As of 9:40 a.m., the Sensex stood at 76,806, up 349 points or 0.46 percent, while the Nifty rose by 109 points or 0.47 percent, reaching 23,374.
The market exhibited a positive trend with the Nifty Midcap 100 index up by 307 points or 0.57 percent at 53,974 points, and the Nifty Smallcap 100 index up by 118 points or 0.68 percent at 17,690 points.
Out of the 30 Sensex stocks, 23 were trading in the green. The top gainers included HCL Tech, Tata Motors, Tech Mahindra, Wipro, Power Grid, Tata Steel, and TCS. Meanwhile, Asian Paints, HUL, Titan, L&T, IndusInd Bank, and Nestle India were the top losers.
The India volatility index (India VIX) decreased by over 2 percent to 14.45 points.
Market experts noted, “The 32 percent decline in India VIX over the last five days indicates a reduction in heightened volatility, suggesting the market has entered a consolidation phase. Moving forward, the focus will shift to fundamentals and news flows.”
They also highlighted that “Tonight’s US inflation numbers and the Federal Reserve policy outcome will influence the direction of the global equity market.”
Most Asian markets were trading in the red, with Tokyo, Hong Kong, Shanghai, Jakarta, and Bangkok experiencing declines. However, the Seoul market was in the green. US markets closed mixed on Tuesday.
In the commodities market, the crude oil benchmark Brent crude was priced at $82 per barrel, and WTI crude stood at $78 per barrel.
