Share Market Today: The Indian stock market opened with a decline today i.e. on Wednesday, 4th November. As soon as trading started, both Sensex and Nifty slipped into the red. But amid the suspense of the US midterm elections, there was tremendous volatility in the market within a few minutes. In the early trade, both the indices made a rapid recovery and reached the green mark. By 9:34 am, the Sensex rose by more than 411 points to reach 77,329, while the Nifty also registered a rise of 116 points and was trading at 23,926.
On the third trading day of the week, BSE Sensex opened at 76,655.54, falling 262.31 points or 0.34% at 9:15 am. At the same time, NSE Nifty 50 also opened with a decline of 68.60 points or 0.29% at 23,742.25. However, this decline in the market did not last long. Buying increased in the initial minutes itself and Sensex Nifty made a great comeback. In this way, the stock market is registering gains for five consecutive trading sessions. Sensex and Nifty have risen about 5% in the last four sessions.
The main reason for this fluctuation in the stock market is the ongoing midterm elections in America. Investors are keeping an eye on whether President Donald Trump’s party (Republicans) retains control of the US Parliament or whether the Democrats win. This election result is sure to have a direct impact on the tension in the Middle East, crude oil prices, AI data centers and the global economy, the effect of which is also visible on the Indian market.
Slowdown in consumer durables, realty and IT stocks
In today’s trading, the market movement was mixed on sectoral basis. A decline of up to 0.79 percent was recorded in Nifty Consumer Durables, Nifty Realty and Nifty IT indices. Apart from this, selling pressure and weakness was also seen in shares of metal, energy, private banks and PSU banks.
Pharma and healthcare stocks took the lead
Amidst the weak market, the shares of healthcare and pharma sector worked to manage the market to some extent. Nifty 500 Healthcare, Nifty Healthcare Index and Nifty Pharma Index saw a slight increase of up to 0.23 percent, due to which investors’ interest and confidence in this sector remained intact.
Confidence increased due to purchases by foreign investors
Foreign investors (FIIs) made a net purchase of shares worth Rs 68.37 billion, or about $ 721.66 million, in the Indian stock market on Tuesday. According to provisional data, foreign investors have been net buyers in five out of the last six trading sessions. Continuous buying by foreign investors is indicating a change in their stance in the market. This may also support the sentiment of the domestic market.
Keep an eye on crude oil prices
The price of Brent crude was around $103 per barrel on Wednesday. Earlier in the last trading session, its price had reached its lowest level of about four weeks. The oil market remains volatile amid ongoing talks to end the war between Ukraine and Iran.
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Source: ndtv.in
