Indian Equity Benchmarks Start the Day on a High Note

The Indian stock market witnessed a positive start on Wednesday, with both the BSE Sensex and Nifty50 indices opening in the green. As of 9:19 AM, the BSE Sensex was trading at 81,518.74, up by 9 points or 0.011%, while the Nifty50 stood at 24,616.80, marking a rise of 7 points or 0.027%.

The domestic markets had ended flat on Tuesday, but analysts suggest that the recovery from lower levels indicates investors are taking advantage of dips to buy. Ajit Mishra, SVP, Research, Religare Broking, commented on the market's resilience, noting the buoyancy in midcap and smallcap stocks and the rotational participation across sectors sustaining positive sentiment.

The market outlook is currently range-bound in the near term, with support at 24,470. If this level is breached, there could be a potential downside of 200-250 points. Resistance levels are identified at 24,700-24,750, according to an ET report.

Meanwhile, US indices closed lower on Tuesday, with technology sector declines offsetting gains in communications services. Asian markets showed mixed performance, with Japanese and Australian indices declining while Korean markets advanced. S&P 500 futures remained stable as investors await US inflation data.

Foreign Institutional Investors (FIIs) invested Rs 1286 crore, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 606 crore on Tuesday. However, the FII net short position increased from Rs 37,694 crore to Rs 46,572 crore.