Sensex, Nifty50 trade higher with all sectoral indices in the green

• Sensex and Nifty50 trade higher led by gains in all sectoral indices and largely positive Asian markets.
• SGX Nifty, an early indicator of how the markets may perform, was up 0.09% or 15 points early in the morning today.
• Vedanta, Adani group, Paytm are amongst stocks to watch today.

India’s benchmark indices Sensex and Nifty50 traded higher on early Wednesday, led by gains in all sectoral indices and largely positive Asian markets.

In Nifty50, 44 stocks were trading higher while only six stocks were trading negative.

Sensex gained 210 points or 0.37% at 57,828 while Nifty50 was up 77 points or 0.46% at 17,029.

Adani Enterprises and Adani Ports & SEZ were top gainers on Nifty50 with 6.24% and 4.71%. The Adani group on Tuesday refuted reports of not repaying margin-linked loans in full. It also said that the stock pledged for the $2.15 billion in loans it had repaid has also been released.

Further, analysts expect markets to remain range bound for some day in absence of any strong cues.

“In the absence of near-term cues, the market is likely to remain range-bound for some days before taking a new direction. Cues from the mother market US on inflation, the Fed response and the banking crisis related news will weigh on markets in the near-term. With FIIs turning buyers yesterday, 16,800 Nifty level is unlikely to be broken on the downside now. Expect a range-bound market for the near-term,” said Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services.

Moreover, correction of up to 6% in the benchmark index has made the large cap stocks attractive.

“The recent correction has made valuations for the broader market attractive. Nifty Smallcap index and Nifty Midcap index are down around 10% and 6% respectively in the last three months. For long-term investors this is a good opportunity to invest in small and midcap mutual funds through SIPs. In large-caps, HDFC twins and RIL exhibit strength,” added Vijayakumar.

Earlier on Tuesday, the markets closed lower amid heightened volatility and reports of the Adani group not having repaid its margin-linked loans in full. While the 30-stock Sensex closed 0.07% lower at 57,614 points, the 50-stock Nifty50 witnessed a bigger fall at 0.2% to 16,952 points.

Easing concerns of contagion risk in the banking sector in the US and Europe mirrored in the gains in crude oil prices – Brent crude oil edged up 0.12% to hover around $79 per barrel.

Top stock movements in Nifty500
Source: Trendlye

Global markets mixed
Global markets were mixed on Wednesday, with declines in the US, gains in Europe and Asia.

In the US, Dow Jones closed 0.12% while the S&P 500 index declined 0.16%. The tech-heavy Nasdaq fell 0.45%. In Europe, FTSE closed 0.17% higher, while DAX edged up 0.09%.

Asian markets were largely positive, with the Hang Seng index gaining 2.07%, Nikkei 225 was up 0.76%, Taiwan Weighted edged up 0.27%. Meanwhile, Shanghai Composite fell 0.06%.

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