The Indian stock market eyes a muted opening on Wednesday after Indian equity benchmarks remained largely range-bound on Tuesday. At 10:20 pm, Gift Nifty traded around 23,567.50, down nearly 1.5 points, indicating a muted start for the Indian stock market.
Analysts expect the lack of directionality may persist for the Nifty index. As per analysts, the index faces immediate resistance near 23,800, while on the flipside the support zone is placed in the 23480–23450 zone.
Nandish Shah, the Deputy Vice President at HDFC Securities said that technically, Nifty continues to consolidate within a narrow range over the past five sessions, highlighting the absence of a clear directional bias and lack of follow-through moves.
What Happened In The Global Markets?
S&P 500 opened 0.5% lower at 7,365.94, Dow Jones Industrial Average opened 0.61% lower at 49,381.52, and the tech-heavy Nasdaq composite was down 0.57% to 25,942.48. However as of 10:20 pm Dow Jones was trading 0.29% lower and Nasdaq was down 0.71%. S&P 500 was also trading 0.49% lower at 7,366.46. The AI induced tech rally, which sent chipmakers like Micron Technology to historic highs, seems to dying down while giving room for other sectors such as Healthcare to rise up.
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Global benchmark brent crude traded 1.03% lower at $110.95 per barrel while the West Texas Intermediate eased by 0.05% to trade at $108.61 per barrel.
Dollar Spot Index rose 0.4% even as crude oil prices took a breather. The euro fell 0.5% to $1.1598, British pound fell 0.3% to $1.3391, and the Japanese yen fell 0.1% to 158.99 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.6% to $76,432.2.
However, European markets ended mixed on Tuesday. CAC 40 fell 0.07%, while Germany's DAX gained 0.38%, leading major European indices higher. FTSE 100 advanced 0.07% and STOXX Europe 600 was up 0.19%. Spain's IBEX 35 and Italy's FTSE MIB traded 0.48% and 0.66%, lower respectively.
Benchmark indices ended the session marginally lower, with Nifty at 23,618, down 0.14%, and Sensex at 75,200.85, lower by 0.15%. The indices closed in negative territory after trading in a narrow range through the session.
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