The Indian stock market began Wednesday on a positive note, driven by strong performances from the auto and IT sectors.
At 9:37 AM, the Sensex surged 718 points, or 0.93%, reaching 79,324, while the Nifty climbed 249 points, or 1.04%, to 24,250.
Market sentiment remains upbeat. On the National Stock Exchange (NSE), 1,778 stocks are experiencing declines, while 122 are showing gains.
Notably, all 30 Sensex stocks began the day in the green, with Infosys, Mahindra & Mahindra, Maruti Suzuki, Wipro, Tech Mahindra, JSW Steel, Tata Steel, and UltraTech Cement leading the gains.
All sectoral indices are performing well, with major gains seen in auto, IT, financial services, pharmaceuticals, metals, real estate, media, and energy sectors.
Experts attribute the positive momentum to global markets gradually stabilizing after recent shocks from US recession fears and the unwinding of the Yen carry trade.
The Bank of Japan’s assurance to keep interest rates unchanged during market instability stabilizes the Yen and deters further unwinding of the Yen carry trade.
Foreign Institutional Investors (FIIs) continued their selling spree on 6 August, offloading equities worth Rs 3,531 crore, while Domestic Institutional Investors (DIIs) countered with purchases amounting to Rs 3,357 crore on the same day.
Looking ahead, experts suggest that after today’s gap-up opening, the Nifty could find support at 24,050, with additional support levels at 24,000 and 23,950.
Resistance levels are projected at 24,300, followed by 24,350 and 24,400.
Asian markets are also showing a bullish trend, with Tokyo, Shanghai, Bangkok, Seoul, and Jakarta all trading positively. The US markets closed positively on Tuesday.
In contrast, yesterday’s market performance saw the Sensex closing at 78,593, down 166 points, and the Nifty ending at 23,992, down 63 points.
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