Stock Market Today: Sensex Trade in Green, Nifty Above 22,250

Tata Steel, NTPC, Bajaj Finserv, ITC, SBIN were the major gainers in the Sensex pack. Sun Pharma, HDFC Bank and UltraTech Cement were the laggards.
Stock Market Today: Sensex Trade in Green, Nifty Above 22,250

Stock Market Today: Sensex Trade in Green, Nifty Above 22,250. Image Source: CanvaPro

Stock Market Today: Headlines indices Sensex and Nifty opened in green in Wednesday's trading session. The 30-share Sensex pack opened gap-up and was trading at 73,273.32 in the early trade, up by 168.71 points or 0.23 per cent. The broader Nifty index opened above 22,250. At the time of publishing this report, the index was trading at 22,295.10, up 77.25 points. Nifty PSU Bank and Nifty Realty were leading the pack among major sectoral indices.
Tata Steel, NTPC, Bajaj Finserv, ITC, SBIN were the major gainers in the Sensex pack. Sun Pharma, HDFC Bank and UltraTech Cement were the laggards.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said "Sustained FII selling in May so far has taken the total FII sell figure to Rs 33540 crores and the sustained DII buying has taken the total DII buy figure to Rs 26500 crores. Because of this balancing of the FII selling with DII buying, the market has not moved much, though it has been highly volatile. Nifty is down only 0.25 % in the last one month."
"The overarching factor driving the FII selling is the outperformance of Chinese stocks which are witnessing a rebound from beaten down valuations. The Hang Seng index is up by 14.90% in the last one month. FIIs invest in Chinese H stocks listed in Hang Seng. So long as this outperformance of Chinese stocks sustain, FIIs may continue to sell in India. A clear change in the market direction will happen when clarity emerges on the election results in India. A high probability is DIIs, HNIs and retail investors buying aggressively if the election results are favourable from the market perspective. Such aggressive buying can put the FIIs on the back foot. FIIs-heavy largecaps will continue to be weak and this will be an opportunity for investors to accumulate them," he noted.
In Asian markets, Tokyo traded in the positive territory while Shanghai quoted lower. Wall Street ended with gains on Tuesday. Global oil benchmark Brent crude climbed 0.72 per cent to USD 82.96 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,065.52 crore on Tuesday, according to exchange data.
The BSE benchmark climbed 328.48 points or 0.45 per cent to settle at 73,104.61 on Tuesday. The NSE Nifty went up 113.80 points, or 0.51 per cent, to 22,217.85.
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