There is a weak trend in the domestic stock market. Selling pressure is building in IT, Energy, and FMCG stocks. There is slight strength in the Nifty Mid Cap and Small Cap indices. The BSE Sensex had fallen to 52,434 during trading. NSE Nifty also slipped to 15,726.
The Sensex is getting support from buying in Maruti, Bajaj Finance, Bajaj Auto, IndusInd Bank and M&M. Stocks that put pressure on it include Kotak Bank, Tech Mahindra, L&T, HCL Tech, and HDFC. The auto index is more than 1% stronger than Nifty's sector index. Except IT, FMCG, and Energy, all other sector indices of Nifty are trading with gains. The index of public sector banks is up by more than half percent.
The stock market had a strong start on Wednesday amid buying in RIL and Financial shares. Nifty opened up 90 points at 15,862. BSE Sensex also started strong. It opened at 52,912 with a strength of 324 points. The metal, IT, and auto indices of the Nifty have gained almost half percent.
IDBI Bank shares are up nearly 3%. The government has hired transaction advisors and legal companies for strategic sale in this. The cabinet gave in-principle approval to the bank's management transfer and strategic disinvestment in May.
The volatility index India VIX, which opened up 1.01% today, has a strength of almost three percent. India VIX shows how much the benchmark index Nifty is likely to rise on a yearly basis over the next 30 days. In this, a rise from the lower levels is an indication of increasing movement with the stock market continuing to remain strong.
On Tuesday, the markets closed with slight gains. Sensex stood at 52,588 with a gain of 14 points (0.03%). Nifty stood at 15,773 with a gain of 26 points or 0.17%. During trading, Nifty went to close to record high at 15,895.
The major stock markets of Asia are trading strongly. Japan's Nikkei index, which closed with a jump of 3.09% yesterday, is up marginally by 0.01%. Hong Kong's Hang Seng is up about 1.5 percent. China's Shanghai Composite and Korea's Kospi are up nearly half a percent. Australia's All Ordinary is down by about 0.30%.
There was all-around buying in the US markets yesterday. Dow Jones closed with a strength of 0.20. The Nasdaq was up 0.79%. The S&P 500 was up 0.51%.
According to provisional data available on the NSE, on Friday 22 June, foreign institutional investors (FIIs) sold shares worth a net Rs 1,027 crore. That is, he had sold shares worth so much more than the rupee shares he had bought. Domestic institutional investors (DIIs) had bought shares worth a net Rs 302 crore.
10.12 AM Except for the index of IT and government bank shares of Nifty, all other sector indices are bullish.
9.30 AM Sensex's 1717 stocks are strong. IndusInd Bank is up more than 1%.
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