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Stock Market News: Domestic equity benchmark indices, the Sensex and Nifty 50, began Wednesday's session on a higher note as metal stocks led the way ahead of of key macro data. The metal index climbed 1.5% and hit a record high as investors anticipated a rebound in demand following robust industrial data from the US and China. On Wednesday, the NSE Nifty 50 opened up 77.50 points, or 0.34%, higher at 22,720.25, while the S&P BSE Sensex opened up 270.26 points, or 0.36%, at 74,953.96.
Also Read: Sensex Today Live Updates : Indices up at open; Sensex up 250pts, Nifty at 22,710; IT, Pharma, Health under pressure The US CPI data that will be released today is important because it will influence how much the Fed reduces interest rates this year, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. It is noteworthy and encouraging for the market that US inflation has decreased by two thirds; nonetheless, the future course of inflation will have a major impact on the direction of stock markets throughout the world.
Tuesday's session saw significant profit-booking as benchmarks markedly reversed from their recent all-time highs. Profit-booking ruled the day as the Sensex reached a new all-time high of 75,124.28 and the Nifty 50 reached a new all-time high of 22,768.40. Even yet, Bank Nifty managed to close the day higher and set a new all-time high of 48,960.75, showing its resilience against Tuesday's decline.
The silver lining in Tuesday's trade was that India VIX continued to tumble, down at 11.35 levels, despite today's volatility, according to analysts. The Nifty SmallCap index was up 0.27% in the broader market space, outperforming the benchmark as well. On Tuesday, the BSE Sensex
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