Indian equities began Wednesday’s session on a careful note, mirroring muted global cues and cautious positioning by investors. While benchmark indices showed marginal gains in early trade, the broader mood on Dalal Street remained watchful, with traders awaiting fresh domestic and global triggers to guide the next move.
Early Market Check: Modest Moves, No Rush
At the opening bell, the Sensex and Nifty 50 traded in a narrow range, reflecting selective buying rather than broad-based optimism.
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Pre-opening (9:10 am):
- Sensex at 85,004.75, down 36.7 points
- Nifty 50 at 26,063.35, up 21 points
Opening trade (9:15 am):
- Sensex climbed to 85,115.95, up 74 points
- Nifty 50 hovered around 26,057, up about 16 points
Market participants appeared reluctant to take aggressive bets, especially after recent highs and ongoing uncertainty in global markets.
Global Cues: Supportive but Muted
Overnight signals from overseas markets offered limited direction.
- Wall Street ended a thin, post-holiday session almost flat, snapping a short rally but still closing the week in positive territory.
- Asian markets opened mixed, though pockets of strength were visible in South Korea and Hong Kong.
- US bond yields eased slightly, offering some relief to risk assets.
Overall, global cues were supportive but lacked the strength needed to spark a decisive rally back home.
Commodities Steal the Spotlight
Commodities remained a key talking point in early trade.
- Silver surged past the USD 80 per ounce mark, hitting a fresh record.
- Gold and platinum touched new lifetime highs, with gold heading for its strongest annual performance in decades.
- Crude oil rebounded from recent losses, with Brent and WTI both gaining close to 1 percent in early Asian trade.
The sharp move in metals kept related stocks on traders’ radars.
India Watch: Macro Comfort, Stock-Specific Action
On the domestic front, India’s forex reserves rose by over USD 4 billion to USD 693.32 billion, offering macro-level comfort.
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Stock-specific developments were expected to drive intraday action:
- Vedanta remained in focus after emerging as the preferred bidder for a graphite and vanadium block, boosting its critical minerals play.
- Akums Drugs and Pharmaceuticals saw management-level changes with the resignation of its finance head.
- Sigachi Industries drew attention amid regulatory and operational updates linked to its Hyderabad unit.
Friday’s Hangover Still Visible
The cautious start also followed a soft close in the previous session. On Friday, profit booking dragged benchmarks lower, with the Nifty slipping below the 26,100 mark. Market breadth had turned weak, signalling cooling sentiment after a strong run.
What Traders Are Watching Now
With valuations stretched and global cues still mixed, traders are likely to stay selective through the session. Any sharp move may depend on cues from global markets, commodity prices, or stock-specific news rather than broad sentiment.
For now, patience seems to be the dominant strategy on Dalal Street.
