Share Market Opening Bell: Stock market recovered from initial fall; Sensex slipped and jumped, greenery in Nifty too

New Delhi| After three days of holidays, there was a bumper rise yesterday. Domestic stock markets opened with a decline on Wednesday. In the initial phase, Sensex and Nifty were seen trading on the red mark. Sensex opened 165.3 points lower at 76,569.59 points in early trade, while Nifty fell 51.55 points to 23,277 points. However, this decline did not last long and the market soon returned to the green mark. At present Sensex and Nifty are trading with a positive trend.

Such was the market movement
Global markets continue to remain sluggish due to increasing trade tensions between America and China. Meanwhile, the equity benchmark index was seen trading flat in early trade on Wednesday. The 30-share BSE benchmark Sensex fell 165.3 points to 76,569.59 in early trade after two days of sharp gains. NSE Nifty fell 51.55 points to 23,277 points.

Who benefits and who suffers?
Among Sensex companies, Maruti, Sun Pharma, NTPC, Tata Steel, Reliance and Infosys appeared to be lagging behind the most. IndusInd Bank, Axis Bank, State Bank of India and Kotak Mahindra Bank were seen doing business in profit. Foreign institutional investors (FIIs) became buyers after days of selling and bought shares worth Rs 6,065.78 crore on Tuesday, according to exchange data.

Condition of Asian and American markets
In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225, Shanghai SSE Composite index and Hong Kong’s Hang Seng closed with losses. American markets also closed with a negative trend on Tuesday.

What do experts say?
VK Vijayakumar, chief investment strategist, Geojit Investments Ltd, said, The market trend appears to be positive after Nifty made up for the loss due to April 2 counter-charges. The market is showing signs of calm after the storm, but investors should not conclude that stability has returned to the market and it is ready to move upwards further

Rupee rose in early trade
The rupee remained strong in early trade on Wednesday, rising 26 paise to 85.54 against the US dollar due to massive inflows of foreign capital, a weak US currency and low crude oil prices. In the interbank foreign exchange market the domestic unit opened strong at 85.66 and moved forward in early deals, trading at 85.54 against the dollar, 26 paise higher than the previous closing level. In Tuesday’s session, the rupee had closed at 85.80 against the dollar, up 30 paise.