Indian stock markets open in the green amid mixed global cues

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 PTIRallying for the fourth day running the 30share BSE Sensex climbed 11694 points to 8157234 in early trade The NSE Nifty went up 3375 points to 2489105 reported PTIFrom the Sensex pack NTPC Asian Paints JSW Steel Bharti Airtel ITC ICICI Bank Adani Ports Special Economic Zone and Tech Mahindra were the major gainersPower Grid Tata Motors IndusInd Bank Axis Bank Reliance Industries and Kotak Mahindra Bank were among the laggardsIn the Asian markets Shanghai Hong Kong and Seoul are trading higher while Tokyo is quoting in the negative territoryThe US markets settled on a mixed note on TuesdayThe 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 longterm 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 PTIChasing super normal returns from the broader market will be a risky game he saidThe Indian stock markets are expected to see consolidation or minor dips over the next few sessions before a potential rebound as per the market expertsNasdaq is near to correction territory having fallen 9 per cent from its recent alltime 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 ANIOn 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 stabilityThe market remains in a sideways to bullish trend with high volatility Investors should consider using trailing stoplosses as buyondips strategies might prevail until the Nifty falls below 24700 decisively Support is seen around 24790 and 24720 while resistance is between 24920 and 24980 said Varun Aggarwal MD Profit Idea reported ANIGlobal oil benchmark Brent crude rose 149 per cent to USD 7980 a barrelForeign institutional investors offloaded equities worth Rs 559864 crore on Tuesday according to exchange dataOn Tuesday the 30share BSE Sensex closed higher by 9956 points or 012 per cent at 8145540 its alltime closing highThe NSE Nifty edged up 2120 points or 009 per cent to settle at an alltime closing high of 2485730With inputs from PTI and ANI