The benchmark indices opened in positive territory on Wednesday with the rising 58.96 points or 0.07 per cent to 84,687.12 at 9.50 am, while the gained 34.15 points or 0.13 per cent to 25,970.35. The Sensex had closed at 84,628.16 on Tuesday and opened at 84,663.68 today, while the Nifty closed at 25,936.20 and opened at 25,982.00.
Market participants are drawing confidence from robust foreign institutional investor (FPI) inflows, with provisional data showing FPIs were net buyers to the tune of ₹10,399 crore on Tuesday. “Overall, risk appetite remains constructive, with investors drawing confidence from resilient domestic fundamentals and supportive global cues,” said Ponmudi R, CEO of Enrich Money. “A dovish tone from the U.S Federal Reserve could further boost liquidity flows into emerging markets like India, helping the Nifty and Sensex sustain their momentum near record highs.”
Metal stocks led the gainers with surging 3.18 per cent to ₹1,221.90, followed by which jumped 2.73 per cent to ₹186.77. advanced 1.43 per cent to ₹344.00, while gained 1.31 per cent to ₹1,184.20. rounded up the top gainers, rising 0.96 per cent to ₹754.15.
On the losing side, declined 1.19 per cent to ₹3,536.40, while fell 0.77 per cent to ₹718.10. fell 0.76 per cent to ₹332.05, dropped 0.69 per cent to ₹410.70, and slipped 0.65 per cent to ₹6,957.00.
“Volatility marked yesterday’s trade, but the key takeaway was strong FII buying, with net inflows of ₹10,340 crore lending confidence to the markets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. “As the November F&O series begins, a wave of optimism is likely to greet investors, with bullish sentiment firmly intact and Nifty eyeing its all-time high of 26,277.35.”
The Nifty formed a doji candle pattern on Tuesday, indicating indecision among market participants. “The Nifty 50 ended Tuesday’s session with a narrow-bodied candle, signaling indecision near the 26,000 mark as the index oscillated between 25,800 and 26,000 before closing almost unchanged,” Ponmudi R noted. For the Nifty, immediate support lies at 25,900-25,800, while resistance remains firm around 26,000-26,100.
“Globally stock markets continue to be bullish aided by the sustained uptrend in the mother market US where AI related deals and news are driving tech stocks up,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments. “Today the market is likely to get another positive news from the Fed which is expected to cut rates by 25 bps.”
Hardik Matalia, Derivative Analyst at Choice Equity Broking, added that “the overall undertone remains positive, and a buy on dips strategy is advised.” Domestic institutional investors (DIIs) also bought equities worth ₹636 crore on Tuesday, adding to the positive sentiment.
The Bank Nifty exhibited consolidation with resistance at 58,300-58,500 and support at 58,000-57,800. “A break and close above 58,500 could open the next leg of the rally toward 58,800-59,000,” Ponmudi R said.
senseIn commodities, crude oil futures traded marginally lower with January Brent oil at $63.78, down 0.08 per cent, and WTI December futures at $60.11, down 0.07 per cent. November crude oil futures on were at ₹5,325, down 0.09 per cent from the previous close of ₹5,330.