The domestic market opened flat on Wednesday amid weakness in the markets of America, Europe and Asia. The 30-share Sensex of BSE opened up 32 points while the 50-share Nifty of NSE opened down 4 points.
There is a slight weakness in the important stock indices of the stock market – Sensex and Nifty. Investors are taking more interest in small and medium stocks. The mid-cap and small-cap indices of Nifty have a strength of about 0.40%.
Stocks like Tech Mahindra, L&T, HCL Tech, TCS, Sun Pharma, Wipro are giving support to the market. Axis Bank, ICICI Bank, Kotak Bank, HDFC Bank, UPL, JSW Steel, Maruti are under pressure due to selling.
As far as the sector index is concerned, the market is getting support for buying in IT stocks. Nifty IT has gained more than half per cent. Selling pressure is building on the market in realty, banking and financial sector stocks. About half of them have weaknesses.
On Tuesday, both the Sensex and Nifty had gained 0.76%. The Sensex was up 397 points at 52,769.73. Nifty climbed 119.75 points to close at 15,812.35. There was strength in 21 stocks of Sensex and 34 stocks of Nifty.
Investors were also interested in smaller stocks. Nifty's small-cap index had gained 1.03%. The mid-cap index closed with a gain of 0.21%. Barring Nifty Media, IT and FMCG, all other sectoral indices remained strong. The financial sector gained 1.48% while Nifty Bank gained 1.35%.
The volatility index India VIX had lost 2.83% on Tuesday. The fall in this index shows how much Nifty can climb on a yearly basis in the next 30 days. A rise in the India VIX from lower levels indicates an increase in movement with the market remaining firm.
Asia market is down. Japan's Nikkei is down about 0.30%. China's Shanghai Composite is down about 0.80%. Hong Kong's Hang Seng is down about 0.50%. Korea's Kospi has a weakness of around 0.20%. Australia's All Ordinary has a marginal strength of 0.01%.
On Tuesday, there was a significant decline in the US markets. The Dow Jones closed with a weakness of 0.31%. The Nasdaq fell 0.38%. The S&P 500 also closed down 0.35% points. In the European stock markets, Britain's FTSE index, France's CAC and Germany's DAX were marginally weaker by 0.01%.
According to provisional data available on the NSE, on Monday, July 13, foreign institutional investors (FIIs) bought shares worth a net Rs 113.83 crore. That is, the number of rupees shares were sold, more shares were bought than that.
Domestic Institutional Investors (DIIs) had bought shares worth a net Rs 344.19 crore yesterday. So far this month, he has bought shares worth Rs 2,695 crore. FII has sold shares worth a net Rs 4,888 crore.
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