Stock Market Today LIVE: Sensex, Nifty 50 Gain In Pre-Open Trade; Rupee Opens Higher; Bajaj Fin, Infosys, Eternal In Focus

The Indian rupee opened 15 paise higher at 94.78 against the US dollar as compared to its previous close of 94.93 level.

With Brent crude prices and US bond yields remaining elevated, the market is likely to remain under pressure. The sell on rally market construct will continue in the near-term. However, the improving earnings growth, fair valuations of large-caps, and strong domestic liquidity will support the market on declines. Since the two large laggard sectors - IT and banking- have performed well in Q2 and are attractively valued, further corrections in these sectors will be met with strong DII-led accumulation, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Since the Q2 results season has started on a positive note and some positive surprises are likely in the broader market, the market action, going forward, will be more stock-specific and results-sensitive. Despite the external headwinds, this is a stock picker’s market now.
 

Bank Nifty index faces immediate resistance in the 55,800–56,000 range, and a sustained move above 56,000 could reinforce recovery prospects and improve the near-term technical outlook. However, failure to break above this zone may keep the index under pressure, with selling interest likely to emerge at higher levels, said Ponmudi R, CEO of Enrich Money.

On the downside, 55,300–55,200 serves as the immediate support zone, followed by 55,000. A decisive breach of 55,000 could trigger further weakness, dragging the index towards the 54,800–54,500 range. Overall, the technical outlook remains cautious, with the 55,000 support level and the 56,000 resistance zone likely to determine the index’s next directional move, he added.

From a technical perspective, the Nifty 50 has slipped towards the immediate support zone of short-term moving average i.e. 20 DEMA around 22,900, with the next key support placed in the 22,550–22,750 range.

On the upside, any recovery is likely to encounter resistance around 23,200–23,300. Given elevated crude prices, mixed earnings cues and persistent geopolitical uncertainties, we recommend maintaining a cautious stance, with an emphasis on selective stock picking and prudent position sizing, said Ajit Mishra, SVP – research, Religare Broking.

Bitcoin’s long-term outlook is drawing renewed optimism. JPMorgan expects Bitcoin to outperform stocks, bonds and gold over the long term, projecting annual returns of around 10%. Continued accumulation by institutional players such as Strategy and Strive, alongside BlackRock’s view of Bitcoin as a potential hedge against rising US government debt, reinforces the longer-term investment case, said Nischal Shetty, Founder, WazirX. 

Bitcoin and Ethereum are trading near key technical levels, making the next move important for futures traders. Bitcoin needs to sustain momentum above the $83,600 resistance zone to build towards $84,500. On the downside, $82,300 is the immediate support to watch, with the $81,000 level becoming relevant if selling pressure intensifies, Shetty added.

Gold prices fell as inflation risks raised outlook for an interest rate hike by the US Federal Reserve. Spot gold price declined 0.2% to $4,117.83 an ounce, while silver price eased 0.1% to $57.88.

Crude oil prices rose amid concerns over Middle East supplies and threats to oil infrastructure in Saudi Arabia. Brent crude futures rose 0.63% to $109.48 per barrel, while US West Texas Intermediate (WTI) crude gained 0.67% to $98.48 per barrel.

US stock market ended mostly higher on Tuesday, led by gains in healthcare stocks, amid strong corporate earnings.

The Dow Jones Industrial Average rallied 529.85 points, or 1.02%, to 52,495.88, while the S&P 500 gained 21.84 points, or 0.28%, to 7,712.57. The Nasdaq  Composite ended 6.07 points, or 0.02%, lower at 26,424.82.

Asian markets traded higher on Wednesday, following overnight gains on Wall Street. Japan’s Nikkei 225 gained 1.69%, while the Topix rallied 1.16%. South Korea’s Kospi jumped 3.52% and Kosdaq added 1.46%. Hong Kong’s Hang Seng index futures indicated a higher opening.

The trends on Gift Nifty also signal a positive start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 23,024 level, a premium of nearly 129 points from the Nifty futures' previous close.

The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Wednesday, amid strong cues from global markets. Equities may rebound from a selloff witnessed in the previous session amid short-covering.