Indian benchmark equity indices turned green after opening marginally lower on Wednesday. The early sentiment came as caution due to escalating geopolitical tensions with Pakistan, which is set to offset the impact of signs of progress in the U.S. trade negotiations. However, the market soon recovered from the early negative sentiments.
The BSE Sensex traded 165 points, or 0.21%, higher at 80,453.70 points, while the Nifty50 was trading at 24,389.70 points, up by 53.75 points or 0.22%, around 9:50 am on Wednesday.
From the Sensex pack, Bajaj Finance, Bajaj Finserv, IndusInd Bank, and Tata Motors declined 2–5% in early trade. On the other hand, Power Grid, Sun Pharma, TCS, HDFC Bank, and Tech Mahindra opened with gains.
Despite the easing trade worries, volatility is expected to stay elevated due to ongoing geopolitical tensions between India and Pakistan.
Meanwhile, on Tuesday, Prime Minister Narendra Modi granted military chiefs freedom to respond to the attack.
Pakistan's information minister, Attaullah Tarar, said on Wednesday that the country has credible intelligence that India intends to launch a military strike within the next 24 to 36 hours.
Among individual stocks, Trent fell 4.2% after the lifestyle and fashion retailer reported a 55% year-on-year decline in consolidated net profit for the March quarter, dropping to Rs 318 crore from Rs 704 crore a year ago.
On the sectoral front, Nifty IT and PSU Bank indices opened over 1% lower, while Nifty Bank, Auto, and Financials also started in the red.
Also, India and the U.S. have signalled progress in bilateral trade talks with a deal expected to be sealed by this week or the next.
U.S. Treasury Secretary Scott Bessent said on Tuesday he did not expect supply chain disruption from trade disputes.
Experts Take
"The surprising resilience of the market is significant. After the reciprocal tariff tantrums and the heightened tensions between India and Pakistan, Nifty is up 5% in April. This underscores the importance of not panicking during a crisis. It is important to remain invested," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
"The crucial support to the market is coming from the sustained FII inflows which have touched a cumulative figure of Rs 37325 crores in the last 10 trading sessions. The weakness of the dollar and India’s economic resilience are supporting this FII’s India trade. This can continue," Vijayakumar added.
Hardik Matalia, Derivative Analyst at Choice Broking, said, "After a negative opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,700."
Global Markets
Shares struggled for direction on Wednesday, and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump's tariffs.
Nasdaq futures were down 0.6% in Asia, while S&P 500 futures fell 0.4%.
EUROSTOXX 50 futures swung between slight losses and gains, while MSCI's broadest index of Asia-Pacific shares outside Japan added just 0.1%. The Nikkei tacked on 0.15%.
FII/DII Tracker
The Foreign institutional investors (FIIs) buying continued on 10th consecutive session on April 29 as they bought equities worth Rs 2,385 crore. Domestic institutional investors (DIIs) also extended their buying on the third day as they purchased equities of Rs 1,369 crore.
Crude Oil
Oil prices edged lower in early Asian trading on Wednesday as President Donald Trump's erratic tariff policies raised concerns about weakening global economic growth and fuel demand.
Brent crude futures fell by 17 cents, or 0.26%, to $64.08 per barrel by 0015 GMT. U.S. West Texas Intermediate crude futures dropped 12 cents, or 0.2%, to $60.3 a barrel. Both benchmarks posted their lowest settlement prices since April 10 in the previous session.
Also read: Stocks in news: Vedanta, Adani Power, Bajaj Finance, IndusInd Bank, BPCL
Rupee vs Dollar
The Indian rupee fell 19 paise to 85.15 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.10% to 99.33 level.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The BSE Sensex traded 165 points, or 0.21%, higher at 80,453.70 points, while the Nifty50 was trading at 24,389.70 points, up by 53.75 points or 0.22%, around 9:50 am on Wednesday.
From the Sensex pack, Bajaj Finance, Bajaj Finserv, IndusInd Bank, and Tata Motors declined 2–5% in early trade. On the other hand, Power Grid, Sun Pharma, TCS, HDFC Bank, and Tech Mahindra opened with gains.
Despite the easing trade worries, volatility is expected to stay elevated due to ongoing geopolitical tensions between India and Pakistan.
Meanwhile, on Tuesday, Prime Minister Narendra Modi granted military chiefs freedom to respond to the attack.
Pakistan's information minister, Attaullah Tarar, said on Wednesday that the country has credible intelligence that India intends to launch a military strike within the next 24 to 36 hours.
Among individual stocks, Trent fell 4.2% after the lifestyle and fashion retailer reported a 55% year-on-year decline in consolidated net profit for the March quarter, dropping to Rs 318 crore from Rs 704 crore a year ago.
On the sectoral front, Nifty IT and PSU Bank indices opened over 1% lower, while Nifty Bank, Auto, and Financials also started in the red.
Also, India and the U.S. have signalled progress in bilateral trade talks with a deal expected to be sealed by this week or the next.
U.S. Treasury Secretary Scott Bessent said on Tuesday he did not expect supply chain disruption from trade disputes.
Experts Take
"The surprising resilience of the market is significant. After the reciprocal tariff tantrums and the heightened tensions between India and Pakistan, Nifty is up 5% in April. This underscores the importance of not panicking during a crisis. It is important to remain invested," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
"The crucial support to the market is coming from the sustained FII inflows which have touched a cumulative figure of Rs 37325 crores in the last 10 trading sessions. The weakness of the dollar and India’s economic resilience are supporting this FII’s India trade. This can continue," Vijayakumar added.
Hardik Matalia, Derivative Analyst at Choice Broking, said, "After a negative opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,400 can be an immediate resistance, followed by 24,500 and 24,700."
Global Markets
Shares struggled for direction on Wednesday, and oil prices slid as relief over a potential easing of global trade tensions was offset by a worsening economic outlook and dour signals from corporates swept up by Donald Trump's tariffs.
Nasdaq futures were down 0.6% in Asia, while S&P 500 futures fell 0.4%.
EUROSTOXX 50 futures swung between slight losses and gains, while MSCI's broadest index of Asia-Pacific shares outside Japan added just 0.1%. The Nikkei tacked on 0.15%.
FII/DII Tracker
The Foreign institutional investors (FIIs) buying continued on 10th consecutive session on April 29 as they bought equities worth Rs 2,385 crore. Domestic institutional investors (DIIs) also extended their buying on the third day as they purchased equities of Rs 1,369 crore.
Crude Oil
Oil prices edged lower in early Asian trading on Wednesday as President Donald Trump's erratic tariff policies raised concerns about weakening global economic growth and fuel demand.
Brent crude futures fell by 17 cents, or 0.26%, to $64.08 per barrel by 0015 GMT. U.S. West Texas Intermediate crude futures dropped 12 cents, or 0.2%, to $60.3 a barrel. Both benchmarks posted their lowest settlement prices since April 10 in the previous session.
Also read: Stocks in news: Vedanta, Adani Power, Bajaj Finance, IndusInd Bank, BPCL
Rupee vs Dollar
The Indian rupee fell 19 paise to 85.15 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.10% to 99.33 level.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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