Stock market today: BSE Sensex surges 350 points; Nifty50 above 22,000 mark

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, continued their upward trend on Wednesday with the 30-share index opening 350 points up and the 50-share index crossing the 22,000 mark. At 9:21 AM, BSE Sensex was trading at 72,391.93, up over 200 points or 0.29%. Nifty50 was at 22,000.15, up over 70 points or 0.32%.
Equity indices rebounded on Tuesday, following positive trends in European and Asian markets, driven by encouraging earnings reports and signs of fresh stimulus in China.
The RBI’s monetary policy this week is the focal point for the market. While the status quo is anticipated, investors are keenly observing any hints regarding rate adjustments, stated Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
The crucial opening downside gap from January 17th now nears a decisive upside breakout at 21970 levels. Immediate support lies at 21750, with the next resistance anticipated at 22125 levels, according to Nagaraj Shetti of HDFC Securities.
The S&P 500 edged slightly higher on Tuesday, with investors assessing mixed earnings reports and digesting comments from Federal Reserve policymakers about the first planned interest-rate cut.
Asian stocks surged on expectations of robust support measures from China, largely overlooking cautious remarks from Federal Reserve officials.
The dollar remained under pressure on Wednesday, following a retreat from a three-month high against the euro in the previous session due to a decline in U.S. bond yields.
Foreign portfolio investors were net buyers at Rs 92 crore on Tuesday, while DIIs purchased shares worth Rs 1,096 crore.
The net short position of FIIs decreased from Rs 61,998 crore on Monday to Rs 60,275 crore on Friday.
Power Grid, Nestle India, Tata Consumer, Lupin, Trent, and several other companies are set to announce their third-quarter results today.