Are Sensex and Nifty Trading Higher Due to Foreign Inflows?
Synopsis
Key Takeaways
Mumbai, Feb 11 (NationPress) The Indian equity markets began the day with slight gains on Wednesday, buoyed by persistent foreign inflows and robust domestic earnings signals.
As of 9:23 am, the Sensex climbed by 122 points, translating to a 0.14 percent increase, reaching 84,396. Meanwhile, the Nifty rose by 50 points, or 0.19 percent, to settle at 25,985.
Major broad-cap indices mirrored the benchmark indices, with the Nifty Midcap 100 rising by 0.13 percent and the Nifty Smallcap 100 increasing by 0.18 percent.
Every sectoral index was in the green, with notable performers including Nifty consumer durables which surged by 0.79 percent, auto stocks gaining 0.63 percent, and metals up 0.41 percent.
Market analysts indicated that immediate support for Nifty is located within the 25,700-25,800 range, while resistance is set at the 26,000 mark.
The optimism surrounding the interim India–US trade framework, coupled with strong corporate earnings, is providing significant near-term backing for domestic equities.
However, with Nifty nearing the crucial psychological barrier of 26,000, traders might choose a more cautious approach at elevated levels.
In the Asia-Pacific region, markets predominantly traded higher on Wednesday, despite concerns related to AI and disappointing economic figures impacting the US markets.
In the US, the December retail sales report indicated a consumer spending increase of less than the anticipated 0.4 percent.
Among Asian markets, China's Shanghai index rose 0.22 percent, while Shenzhen dipped 0.07 percent. Japan's Nikkei advanced by 2.28 percent, and Hong Kong's Hang Seng Index increased by 0.33 percent. Additionally, South Korea's Kospi gained 0.87 percent.
Overnight, US markets closed predominantly lower, with Nasdaq falling 0.59 percent, the S&P 500 down 0.33 percent, and the Dow Jones gaining slightly by 0.1 percent.
On February 10, foreign institutional investors (FIIs) were net buyers of equities worth Rs 69 crore in India, while domestic institutional investors (DIIs) net bought equities totaling Rs 1,174 crore.
In the previous trading session, benchmark indices marked their recovery for the third consecutive day, propelled by gains in the auto, metal, and select consumption and healthcare sectors.