Mumbai: The stock market witnessed rebounded but faced volatility in the morning trade on Wednesday. The BSE Sensex jumped over 200 points, but pared the gains
and traded with 20 percent upside at 84,700.80 at the time of writing this article. The NSE Nifty also jumped 65 points initially, but later traded flat at 25,862.40.
The benchmark indices were in positive territory driven by value buying at lower levels and a positive trend in Asian markets. The pumping of money by domestic institutional investors also boosted sentiments in the India stock market, experts said.
Gainers from the Sensex pack: Tata Motors Passenger Vehicles, Bajaj Finance, Axis Bank, Tata Consultancy Services, Eternal, and State Bank of India. Laggards included HDFC Bank, Sun Pharma, ICICI Bank, and Trent.
Shanghai’s SSE Composite index, Japan’s Nikkei 225 index, and Hong Kong’s Hang Seng index and South Korea’s Kospi traded in positive territory. The US stock markets settled mostly lower on Tuesday. Brent crude, the global oil benchmark, gained 1.19 per cent to USD 59.62 per barrel.
FII selling continues; what expert said on market movement
Foreign Institutional Investors (FIIs) continued to sell equities as it offloaded stocks worth Rs Rs 2,381.92 crore on Tuesday, while Domestic Institutional Investors (DIIs) pumped in Rs 1,077.48 crore to buy equities.
Steady domestic inflows through SIPs and insurance channels continue to provide a strong structural buffer, helping to limit downside risks, Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, told PTI.
On 16 December, the 30-share Sensex dropped 533.50 points to finish at 84,679.86. The 50-share Nifty declined 167.20 points to settle at 25,860.10.
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