Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, settled in red for the sixth consecutive session on Wednesday. The BSE Sensex declined by 122.52 points to 76,171.08 while Nifty50 closed at 23,045 after losing 26.55 points.
The Indian equity markets has been witnessing significant selling pressure due to growing tariff worries and poor corporate results, affecting overall market sentiment.
"Also, PM Modi's two-day US visit starting Wednesday comes at a crucial moment. As he meets Trump to discuss trade, markets anticipate a breakthrough that could ease tariff tensions and restore confidence," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal.
Daily charts reveal a prominent bearish trend with lower peaks and troughs, with Nifty moving towards forming a new lower bottom beneath January's swing low of 22,786 levels. Any upward movement might encounter strong resistance near 23,200 levels, according to Nagaraj Shetti of HDFC Securities.
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Top stocks to buy today: Stock recommendations for February 12, 2025US stock indices showed varied results on Tuesday as gains in Coca-Cola and Apple balanced Tesla's decline, whilst investors analysed Federal Reserve Chair Jerome Powell's recent statements.
Asian markets showed mixed performance, with Japan's stocks advancing while Australian shares remained flat before US inflation data release on Wednesday. Hong Kong's stock index futures indicated upward movement.
Gold prices decreased on Wednesday, following its record peak in the previous session driven by global trade tensions from US President Donald Trump's tariff announcements. Markets now await crucial US inflation data.
FPIs registered net sales of Rs 4,486 crore on Tuesday, whilst domestic institutional investors purchased shares worth Rs 4002 crore.
FIIs' net short positions increased to Rs 1.84 lakh crore on Tuesday from Rs 1.73 lakh crore on Monday.
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