Indian Stock Market Sees Minor Gains Amid Mixed Global Cues

The Indian stock market opened with slight gains on Wednesday, driven by sectoral performances amid varied global cues. Sensex and Nifty indices saw modest rises, while Asian markets displayed mixed results. Key concerns include regulatory changes and international policy meeting outcomes influencing market volatility.

The Indian stock market opened with minor gains on Wednesday, reflecting mixed global cues. During the initial trading hours, the Sensex rose by 187.35 points or 0.23% to 81,642.75, while the Nifty gained 58.70 points or 0.24%, starting at 24,916.

Among the trading stocks, 1,816 saw an uptick, 579 declined, and 152 remained unchanged. Sector-wise, Bank, Auto, Financial Services, FMCG, IT, Media, Metal, Pharma, Healthcare, Consumer Durables, Oil and Gas stocks opened positively on the NSE, whereas PSU Bank, Private Bank, and Realty sectors started in the red.

Leading gainers included stocks of Asian Paints, NTPC, JSW Steel, ONGC, and Hindalco, while Tata Consumer Products, Power Grid, IndusInd Bank, Tata Motors, and Axis Bank were top losers. Despite Tuesday's positive domestic equity indices, experts predict consolidation or minor dips before a potential rebound.

Ajay Bagga, a Banking and Market expert, cited volatility due to near-correction status of Nasdaq and policy meeting outcomes from the Bank of Japan and the US Fed. Concerns were noted regarding large outflows by Foreign Portfolio Investors (FPIs). Sebi's proposed measures aim to curb speculative trading in index derivatives to enhance market stability, involving limiting multiple option expiries and increasing contract sizes.

Varun Aggarwal, MD of Profit Idea, mentioned the market's sideways to bullish trend and advised the use of trailing stop-losses. Key support levels for Nifty are around 24,790 and 24,720, while resistance is expected between 24,920 and 24,980.

Asian markets showed mixed performances ahead of important economic data and central bank decisions. Japan's Nikkei 225 fell by 0.84%, while South Korea's Kospi rose by 0.48%. In the US, the Dow Jones Industrial Average increased by 0.5%, whereas the S&P 500 declined by 0.5%, with significant losses in tech stocks like Microsoft and Nvidia.

(With inputs from agencies.)