The Stock market today opened on a stronger note on Wednesday, with the Sensex gaining more than 300 points and the Nifty moving above 23,200 as investors looked ahead to the US Federal Reserve’s September 15–16 policy meeting. The recovery came a day after a sharp sell-off, although high crude prices, elevated US bond yields and continued foreign institutional investor (FII) selling remained concerns for the market.
The Sensex opened at 74,249.31, compared with Tuesday’s close of 74,003.82, and was trading around 74,388.37, up 384.55 points or 0.52 per cent. The Nifty opened at 23,201.60 against its previous close of 23,118.60 and was trading around 23,244.30, higher by 125.70 points or 0.54 per cent.
Stock market today tracks key stocks and digital payment gains
Early trading saw several major stocks in the green. On the NSE, Nestle, ITC, SBI, M&M, Reliance, Hindustan Unilever, Asian Paints, HCL Tech, Power Grid, Kotak Bank, HDFC Life, Trent, BEL and Hindalco were among the gainers. Wipro, NTPC and ONGC were among those trading in the red.
On the BSE, ITC, M&M, BEL, Trent, Reliance, Hindustan Unilever, Tech Mahindra, LT and ICICI Bank traded higher, while HDFC Bank, IndiGo and Tata Steel were among the stocks under pressure. Payment companies also gained after the introduction of the latest MDR framework. Around 9:29 am, Paytm was trading at ₹1,767.05, up ₹35.95 or 2.08 per cent, while Mobikwik was at ₹203.90, higher by ₹1.95 or 0.97 per cent.
Stock market today weighs crude, bonds and sectoral moves
Most sectoral indices traded in the green, although Nifty Realty, Consumer Durables and Healthcare remained under pressure. Most broad-market indices were also trading higher at the time of reporting. In commodities, Brent crude was around USD 108.06 per barrel, while crude oil was at around USD 104.69 per barrel. Gold was trading at around USD 4,326.65.
Market analyst Vipin Dixena said, “The market has opened on a recovery note after yesterday’s sharp sell-off. The bounce is encouraging, but I would not interpret it as a trend reversal yet because yesterday’s selling was broad and the external environment remains challenging.”
He added, “The bigger issue I am watching is whether this recovery can sustain despite Brent crude remaining above USD 108, elevated US bond yields and continued FII selling.”
Stock market today faces key 23,000 support ahead of Fed view
Dixena said 23,000 is now a crucial support level for the Nifty. “If the index sustains above 23,200 and starts reclaiming 23,300–23,400, the current rebound can extend further. But a failure to hold 23,000 would keep the broader downside structure intact. For me, today’s price action around 23,200–23,300 is more important than the opening recovery itself,” he said.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said, “The weak market construct continues with elevated US bond yields and high crude prices contributing significantly to the weakness. So long as these two crucial macros remain high, it would be unrealistic to expect a strong rebound in the market. FIIs have been sellers in the market during the last 5 days and with the US 10-year yield at 5%, they are likely to sell at every small rally in the market.”
Stock market today awaits Fed rate decision and policy signals
Vijayakumar said the Fed is most likely to raise interest rates by 25 basis points, but added that the move is unlikely to have a major impact because it has already been discounted by the market. He said the Fed’s commentary on the evolving macro outlook and its likely rate action going forward could be more market-moving.
“Even though the market is weak, there are stock-specific opportunities in this market. Appointment of a new MD and CEO for HDFC Bank is expected soon and the new MDR norms for digital transactions introduced by the NPCI are significant events that can influence the markets,” he said.
(with inputs from ANI)
Also Read: Stock Market Today: Sensex Jumps 400 Points, Nifty Reclaims 23,500 As IT Stocks Lead Recovery
Khalid Lateef is a Sub-Editor at NewsX Digital, specializing in Indian politics and global affairs. He also covers viral trending stories and major crime developments.
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