The Indian Benchmark Equity Index BSE Sensex and Nifty opened in green on Wednesday (April 2) amid hopes of the announcement of mutual tariff by US President Donald Trump. The 30 -share Sensex of BSE opened at 76,146.28 points today with a gain of over 100 points. It closed at 76,024.51 points on Tuesday. At 9:25 am, the Sensex was trading at 76,078.65 with a gain of 54.14 points or 0.07%. Similarly, Nifty-50 of National Stock Exchange (NSE) opened today at 23,192.60 points. It closed at 23,192.10 at 9:27 am at 23,192.10 at 9:27 am or 0.11%.
How was the market performance on Tuesday?
Due to vigilance, the Indian stock markets saw huge profits on Tuesday. The BSE Sensex fell 1,390.41 points or 1.80 percent to close at 76,024.51. NSE Nifty 50 also fell at 353.65 points or 1.50 percent to close at 23,165.70. On Tuesday, foreign investors (FIIs) sold Indian shares worth Rs 5,901.63 crore, while DII bought shares worth Rs 4,322.58 crore.
Sensex and Nifty Outlook
According to Devarshi Advocate, Head of Prime Research Head of HDFC Securities, Nifty-50 has completed 38.2 percent of the total growth from 21,964 to 23,869 by reaching 23,141 levels. Consecutive breakdowns below 23,141 may push the index to the next support at 22,917, which represents a 50 percent of the retracement level. The previous support level of 23,400 later will serve as resistance to the Nifty Index.
Srikanth Chauhan, Head of Equity Research of Kotak Securities, said that a long recession candlestick is made on the daily chart, which is associated with the continuity of improvement, indicating further weakness than existing levels. There will be 23,100 on Nifty for day traders and 75,800 on Sensex. If the market is successful in trading above this level, we can expect a return to 23,300-23,350/76,500-76,650.
What is the status of global markets?
Japan’s Nikkei was trading below 0.28 percent, while South Korea’s Kospi was trading below 0.58 percent. However, Australia’s ASX200 rose 0.2 percent. In the US, S&P 500 increased by 0.38 percent and Nasdaq Composite by 0.87 percent. However, Dow Jones Industrial Average declined by 0.03 percent.
