Sensex Today: A cautious mood among global equities led to a muted start on D-Street on Wednesday. The S&P BSE Sensex was trading around 69,475 levels, down 76 points, while the Nifty50 was at 20,896, down 10 points.
NTPC, Tata Steel, ITC, Axis Bank, Wipro, Asian Paints, HUL, and L&T were the top gainers on the Sensex. On the flipside, TCS, HDFC Bank, Infosys, Reliance Industries, Bajaj Finance, and Maruti Suzuki were the top laggards.
In the broader markets, the BSE MidCap and SmallCap indices rose 0.09 per cent and 0.24 per cent, respectively.
Most of the sector indices were ruling lower led by the Nifty IT index (down 0.3 per cent). On the upside, the Nifty Media index gained 0.8 per cent.
Rahul Kalantri, VP Commodities, Mehta Equities on Stock Market today:
Crude oil experienced significant volatility, extending its decline to reach 7-month lows in the international markets. This downward trend was fueled by concerns about demand from China and the surge in U.S. oil production to record levels. According to the U.S. EIA, U.S. crude oil production is expected to increase by 180,000 barrels per day, reaching 13.11 million barrels per day in 2024. The heightened production levels in the U.S. alleviated the pressure on output cuts implemented by the OPEC+ nations. Also, the U.S. EIA revised its price forecast for 2024, reducing it by $10 per barrel to an average Brent price of $83 per barrel.
Anticipating ongoing volatility, we project that crude oil prices will remain unpredictable in today’s session. The support levels for crude oil are estimated at $68.05–67.40, with resistance levels at $69.60-70.40 for today’s session. In Indian Rupees (INR), crude oil finds support at Rs 5,650-5,570 and resistance at Rs 5,790-5,880.
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