Stock Market Update: Nifty Aims to Cross 25,100 But Stays in a Slow Zone
The Indian stock market opened nearly flat on Wednesday as investors remained cautious amid ongoing global uncertainties and consolidation trends. Despite the subdued opening, select buying in sectors like oil & gas and metal helped benchmark indices register mild gains.
Mumbai: The Indian stock market opened nearly flat on Wednesday as investors remained cautious amid ongoing global uncertainties and consolidation trends. Despite the subdued opening, select buying in sectors like oil & gas and metal helped benchmark indices register mild gains.
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Nifty and Sensex Edge Up Slightly in Early Trade
At around 9:25 am, the BSE Sensex was up by 59 points, trading near 82,451, while the NSE Nifty 50 added 18.55 points to reach 25,122. The market showed early signs of sectoral rotation, with 11 out of 15 NSE sectoral indices advancing.
Sectoral Performance: Oil & Gas, Metal Stocks Gain; FMCG, PSU Banks Lag
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Oil & gas and metal sectors led the gains, while FMCG and PSU Banks were in the red. The Nifty Media index saw the biggest jump among sectors. Notable gainers on the Nifty included:
- JSW Steel
- Cipla
- NTPC
- Tech Mahindra
On the downside, stocks like Grasim Industries, Shriram Finance, Asian Paints, L&T, and Titan Company underperformed.
Meanwhile, both BSE Midcap and Smallcap indices were up by 0.3%, indicating broad-based participation in the market.
Analysts: Nifty Needs Breakout Above 25,100 to Sustain Rally
According to market experts, the current trend suggests that the Indian stock market remains in a consolidation phase, with a slight upward bias. Analysts believe that a clear breakout above the 25,100 level on the Nifty could pave the way for further gains—but this would require sustained buying and positive global cues, such as developments in the US-China trade negotiations.
“If there is a clear agreement, the market will respond positively and there is a high probability of Nifty breaking above 25,100 and remaining above this level,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
FII and DII Flows Signal Confidence in Indian Equities
Foreign Institutional Investors (FIIs) continued their buying spree for the third consecutive session, with net inflows of ₹2,301 crore on June 10. Domestic Institutional Investors (DIIs) also maintained their positive stance, investing ₹1,113 crore, marking their 16th straight session of net buying.
This sustained institutional activity reflects underlying confidence in the Indian equity market, helping cushion against global volatility.
Global Markets Support Sentiment; Wall Street Ends Higher
On the global front, US stock markets ended higher on Tuesday, with the S&P 500 gaining 0.6%, now just 1.7% below its all-time high. Positive cues from Wall Street could offer support to Indian equities in the near term.
