Indian Stock Market Today: Indian stock market indexes Sensex and Nifty ended a volatile session with minor losses on Wednesday. Nifty found an important support level from the day’s low due to buying in IT stocks. The Nifty index ended below the 23700 mark after hitting an intraday high of 23,751.85.
The sectors like energy, IT, and FMCG closed higher while selling pressure was witnessed in consumer durables, healthcare, and pharma stocks. Investors remain cautious ahead of the Q3 earnings season and were concerned about a potential US interest rate cut slowdown.
Key Indexes Sensex and Nifty Today
At the close, the BSE Sensex declined 50.62 points, or 0.06%, to 78148.49, while the Nifty 50 index fell 18.95 points, or 0.08%, to 23,688.95. Selling in heavyweight stocks like Trent, HDFC Bank, and ICICI Bank hit market sentiments on Wednesday.
The broader market underperformed the benchmarks as the Nifty midcap index declined by 1.05% while the Nifty smallcap index dropped 1.65%. The market breadth was weak as 1678 shares declined and 696 shares advanced at the close.
Foreign Institutional investors (FIIs) were the net sellers, they sold shares worth Rs 3362.18 Cr in the Indian share market. The Domestic Institutional Investors (DIIs) bought shares worth Rs 2716..28 Cr. today. The NSE’s volatility index “India VIX” declined 1.33% to 14.47.
Impact of Economic News Today
On the economic front, the Government’s first estimates of India’s GDP growth for 2024-25, are projected at 6.4%, a four-year low, due to weak industrial and investment activity. This falls below the RBI’s 6.6% forecast and the government’s 6.5-7% projection. Growth may improve later in the year, but the slowdown will affect overall performance. These estimates aid in Union Budget planning.
Indian Stock Market Outlook Tomorrow
Nifty has shown a smart recovery from its day’s low and managed to close almost flat. The next support for the index is around 23500 -23550 and resistance is at 23850 levels. The action in the market remains stock-specific. Investors should remain cautious in tomorrow’s market.
Conclusion
The Indian stock market ended a volatile session with minor losses, reflecting cautious sentiment ahead of the Q3 earnings season and global economic uncertainties. While sectors like IT, energy, and FMCG offered some relief, selling in key heavyweight stocks and weakness in midcap and smallcap segments weighed on the overall market. The decline in FIIs’ participation added to the pressure.
Looking ahead, Nifty’s recovery from its day’s low suggests some resilience, with immediate support around 23,500-23,550 and resistance near 23,850. Market action is expected to remain stock-specific, and investors should stay cautious in tomorrow’s trading session.
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