Despite weak global cues, major equity indices opened higher on Wednesday on buying in IT and consumer stocks. At 09:16 am, the BSE Sensex was trading at 57,209.52 points with a gain of 62.2 points, or 0.11 per cent. The NSE Nifty was trading at 16,999.05, up 15.50 points or 0.09 per cent. Shares of HCL Tech were trading with a jump of 1.93 per cent in early trade on NSE Nifty. Similarly, PowerGrid saw a rise of 1.20 per cent and Asian Paints by 1.03 per cent. Apart from these, NTPC and Coal India were trading with green mark.
On Tuesday, the BSE Sensex closed at 57,147, down 844 points or 1.46 per cent. On the other hand, Nifty also closed at 16,983 with a loss of 257 points. Hindalco shares saw the biggest fall of 0.73 per cent on Nifty. Apart from this, ICICI Bank shares fell 0.71 percent, ONGC 0.61 percent, Maruti 0.48 percent and Reliance Industries 0.42 percent.
Kpit tech – still standing strong. Updated chart #StockMarket #StocksInNews #stocks #trading #investing #invest #investors @charts_zone @VVVStockAnalyst @caniravkaria https://t.co/ZF5nXNLoGL pic.twitter.com/Mj67L6fWkE— Techno-charts (@SetupTechnical) October 12, 2022
Nifty was expected to open between 16,950 and 17,000 today. According to him, the daily turnover can be between 16,800 to 17,200. The first support of Nifty is at 16,870 and the second support is at 16,750. Resistance can be seen in Nifty at 17,180 and 17,375. Financial services, banks, pharma and energy sectors can see strength today. At the same time, weakness can be seen in Realty, Metal, Media, IT, FMCG and Midcap sectors today.
The International Monetary Fund (IMF), impacting global sentiment, slashed its global growth forecast for 2023 to 2.7 per cent. On Tuesday, the US Dow Jones Industrial Average rose 36 points to 29,239. At the same time, the S&P 500 closed down 24 points at 3,688.
In Asian markets, Japan’s Nikkei fell 0.06 per cent, South Korea’s Kospi 0.09 per cent and China’s Shanghai Composite index fell 1.23 per cent.