Stock Market News: Sensex and Nifty rose on Wednesday as promising developments in the global market encouraged investor emotions, maintaining the upward trend.
Analysts claim that the bullish trend was also supported by hopes that the Israel-Hamas conflict would not escalate into a bigger Middle East crisis and affect crude oil prices.
Asian markets, including those in Hong Kong, China, and Japan, were trading higher.
Tuesday’s market closings in the US and Europe were positive. Domestically, the Sensex increased by 566.97 points to end the day at 66,079.36 points, while the Nifty increased by 177.50 points to finish the day at 19,689.85 points.
The US economy’s resiliency, the falling US bond yields, and the expectation that the Israel-Hamas conflict will remain a localised crisis unaffected by crude prices all provide the market with its fundamental support.
“The market’s power and durability are demonstrated by the fact that the Nifty is only 2.5% off its record high.
“While FIIs continue to be active market sellers, buying by DIIs, HNIs, and retail balances the selling and supports the market. Safety is in capital letters, he said.
High Networth Individuals and Domestic Institutional Investors are referred to as DIIs and HNIs, respectively.
According to statistics available with the BSE, foreign institutional investors (FIIs) continued to be net sellers on Tuesday, selling shares worth Rs 1,005.49 crore.