31 July,2024 10:37 AM IST | Mumbai | mid-day online correspondent
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Equity benchmark indices climbed on Wednesday as the Indian stock markets saw volatile trading amid buying in bank stocks in tandem with mixed global trends, reported news agency PTI.
Rallying for the fourth day running, the 30-share BSE Sensex climbed 116.94 points to 81,572.34 in early trade. The NSE Nifty went up 33.75 points to 24,891.05, reported PTI.
From the Sensex pack, NTPC, Asian Paints, JSW Steel, Bharti Airtel, ITC, ICICI Bank, Adani Ports, Special Economic Zone and Tech Mahindra were the major gainers.
Power Grid, Tata Motors, IndusInd Bank, Axis Bank, Reliance Industries and Kotak Mahindra Bank were among the laggards.
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In the Asian markets, Shanghai, Hong Kong, and Seoul are trading higher while Tokyo is quoting in the negative territory.
The US markets settled on a mixed note on Tuesday.
"The global cues are likely to be supportive of expectations of a rate cut from the US Federal Reserve (Fed) in September. The Fed commentary expected tonight is likely to indicate the possibility of a rate cut in September. It is time for investors to take a long-term call on the market and moderate their expectations to realistic levels. At this juncture in the market safety is important," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, reported PTI.
Chasing super normal returns from the broader market will be a risky game, he said.
The Indian stock markets are expected to see consolidation or minor dips over the next few sessions before a potential rebound, as per the market experts.
"Nasdaq is near to correction territory, having fallen 9 per cent from its recent all-time highs. This, combined with policy meeting outcomes from the Bank of Japan and the US Fed will keep markets volatile for today. Indian markets have been trying to rise above recent highs, but large outflows by FPIs are causing concerns. Expect sideways markets for now," said Ajay Bagga Banking and Market expert, reported ANI.
On the regulatory front, Sebi has proposed measures to curb speculative trading in index derivatives, including limiting multiple option expiries and increasing contract sizes to enhance market stability."The market remains in a sideways to bullish trend with high volatility. Investors should consider using trailing stop-losses, as buy-on-dips strategies might prevail until the Nifty falls below 24,700 decisively. Support is seen around 24,790 and 24,720, while resistance is between 24,920 and 24,980," said Varun Aggarwal MD, Profit Idea, reported ANI.
Global oil benchmark Brent crude rose 1.49 per cent to USD 79.80 a barrel.
Foreign institutional investors offloaded equities worth Rs 5,598.64 crore on Tuesday, according to exchange data.
On Tuesday, the 30-share BSE Sensex closed higher by 99.56 points, or 0.12 per cent, at 81,455.40 -- its all-time closing high.
The NSE Nifty edged up 21.20 points, or 0.09 per cent, to settle at an all-time closing high of 24,857.30.
(With inputs from PTI and ANI)
