Stock market today: Nifty50 above 26,000; BSE Sensex up over 350 points
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Wednesday on positive global cues. While Nifty50 was above 26,000, BSE Sensex was up over 350 points. At 9:34 AM, Nifty50 was trading at 26,011.15, up 126 points or 0.49%. BSE Sensex was at 84,973.23, up 386 points or 0.46%.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Sometimes the market drifts without any apparent logic and reason. The very short-term movement can be against emerging fundamentals. The explanation for this indecisive movement can be found in technicals and market positioning related to futures expiry date. Often, on the expiry date the market witnesses high volatility in response to the speculative activity related to covering the short and long positions. Yesterday’s 74 point fall in Nifty despite the positive institutional buy figure of Rs 4697 crores is a case of such expiry-related volatility. The relevant question is: what should investors do during such indecisive movements in the market.”“The best strategy for retail investors is to refrain from trading and slowly accumulate fairy-valued high quality growth stocks which will be available at attractive valuations due to heightened volatility. Such stocks will bounce back soon. Investors’ psychological behaviour is more important in such contexts. Fundamentals indicate that the market is moving to a new high: It’s only a question of time. Investors’ response should be based on this understanding.”US stocks continued their upward trend on Tuesday as economic indicators supported expectations of the Federal Reserve’s third and final rate reduction in December, whilst technology sector weakness limited Nasdaq’s advancement.Asian equities continued their positive performance for a third consecutive day, following US market gains as weak American consumer data increased expectations for a Federal Reserve rate reduction next month.Gold prices edged upwards in early Asian session on Wednesday, supported by positive sentiment regarding potential Federal Reserve interest rate reduction in December.Foreign institutional investors acquired shares valued at Rs 785 crore net on Tuesday. Domestic institutional investors registered net purchases of Rs 3,912 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
