Indian frontline equity benchmark indices, BSE Sensex and NSE Nifty 50, continued their upward trend by opening Wednesday’s session at new all-time highs. The performance was bolstered by strong global market trends and inflows from foreign funds. However, the indices began to consolidate shortly thereafter.
After reaching record highs on Tuesday, the Sensex opened 242.08 points, or 0.81 percent, higher at 77,543.20, while the Nifty 50 opened 71.90 points, or 0.31 percent, higher at 23,629.80. Sector-wise, the indices for IT, PSU Bank, Pharma, and FMCG traded higher, while the indices for PSE, Realty, Media, and Energy traded lower.
The broader markets also participated in the initial rally. However, mid-cap and small-cap stocks soon slipped into the red. The Nifty Midcap 100 was trading 555.10 points, or 1.00 percent, lower at 54,893.60, while the Nifty Smallcap 100 declined by 258.80 points to 18,056.60.
In recent sessions, the India VIX, or Fear Gauge, has fluctuated within a narrow range, significantly lower than its levels during the election season. As of the initial hour of today’s session, the volatility index had risen by 0.06 points to 13.06.
Crude oil prices remained steady as the market weighed concerns over escalating conflicts in Europe and West Asia against demand worries following an unexpected build in U.S. crude inventories. Brent crude futures rose by 2 cents to $85.34 per barrel, while U.S. At $81.53 a barrel, West Texas Intermediate crude saw a 4 cent decrease. As the S&P 500 and Nasdaq Composite finished at all-time highs, Wall Street stocks sent Asian markets encouraging signals.
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