Today’s stock market: Nifty50 surpasses 21,300, the BSE Sensex jumps 500 points, and the index ends a two-day losing run

Current state of the stock market: The BSE Sensex and Nifty50, two of India’s key stock indexes, recovered after beginning down on Wednesday. Energy, metal, and IT companies dominated the volatile Wednesday trading session in Indian markets. The two-day losing trend was ended by a 500-point spike in the 30-share index BSE Sensex.

The BSE Sensex was up more than 400 points, or 0.58%, in the morning’s session at 70,776.73.
The Nifty50 was up 130 points, or 0.61%, at 21,369.05.
Axis Bank dropped more than 4% in early trading, making it the biggest loser in the Sensex pack. According to an ET report, Infosys, HCL Tech, ABI, and Tech Mahindra began with gains, whereas Asian Paints, Bharti Airtel, HDFC Bank, and Maruti all saw cuts at launch.
Zee Entertainment shares jumped 8% higher after a sharp drop in the previous session due to worries over the termination of the merger agreement with Sony and the ensuing legal and regulatory ramifications.
Following the Competition Commission of India’s (CCI) approval of Fincare Small Finance Bank’s merger with the Bank, shares of AU Small Finance Bank increased by 2%.
While the Auto and Realty sectors had a 0.8% decline, the Nifty Media, Metal, Pharma, and PSU Bank sectors saw an increase of more than 1%. Nifty Midcap100 increased 0.86% and Nifty Smallcap100 increased 1% on the overall market.
Geojit Financial Services’ Chief Investment Strategist, V K Vijayakumar, claims that certain rumors and news caused market selling. According to sources, SEBI tightened the ultimate beneficiary standards for foreign portfolio investors (FPIs) on February 1st, perhaps leading to some FPI selling. Additionally, Vijayakumar brought up a notion that the finance minister changed the LTCG tax during the budgetary year.
The Index has created an advanced harmonic bullish cypher pattern with a bullish divergence in the RSI, indicating a likely reversal, according to Aditya Gaggar, Director of Progressive Shares. According to him, sustainability will be important at higher levels, with goals of 21,550 and 21,770 and 20,950 for immediate support.
Asian stocks increased on international markets due to hopes that Chinese authorities will help its stock markets. The Shanghai Composite continued to rise while the blue chip index continued to decline in Chinese markets. The Hang Seng index in Hong Kong saw a surge but ended the month down.
On Tuesday, domestic institutional investors purchased shares worth Rs 214 crore, while foreign institutional investors sold shares for Rs 3,115 crore.