Opening Bell – Market opens flat with some negative bias, Nifty below 9500
At 9:15 am the BSE Sensex opened at 30,531 down by 51 points, while the Nifty50 opened down by 20 points at 9491 mark.
Tata Steel is the top Nifty gainer and Bank of Baroda is the top Nifty loser in the morning hours. Tata Steel is trading at Rs 468.85 per share up by 2.69% whereas Bank of Baroda is trading at Rs 192 per share, down by 0.80%.
There are 685 advances, 710 declines and 497 unchanged stocks on NSE reflecting some negative bias floating in the market.
The rupee opened at 63.99 per US dollar higher by around 9 paise on Wednesday. It is trading at its highest level since April 27, 2017. The Indian Rupee paused its 3-day rally and retreated from its 21-month high on Tuesday. It shed its gains against the US currency and settled lower by 3 paise at 64.08.
Nifty50 needs to sustain above the level of 9,520 to extend its upward move toward the levels of 9,550-9,600. On the downside, immediate support stands at the level of 9,490, and if this support is breached, the next support is placed around the level of 9,455.
On Tuesday, the US stocks closed mixed. The Nasdaq Composite closed at a record for the second session in a row, while the Dow Jones and S&P 500 finished marginally lower. The Nasdaq Composite Index advanced 20 points to end at a record 6,170, while the Dow Jones Industrial Average slipped 2 points to close at 20,980. The S&P 500 closed 2 points lower at 2,401.
Asian Markets are mostly trading in the negative terrain on Wednesday tracking mixed cues from the US market. Japan’s Nikkei 225 has fallen 77 points. Hong Kong’s Hang Seng has lost 9 points and China’s Shanghai Composite is trading with loss of 1 point.
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