Stock Market Today: NSE, BSE Open Flat After Tuesday’s Rally; Nifty Holds 23,300, Sensex Slips 114 Points

The Indian stock market opened on a cautious note Wednesday after posting a robust rally in the previous session. At the opening bell, the Sensex was trading at 76,621.02, down 113.87 points or 0.15%, while the Nifty slipped 28.60 points or 0.12% to 23,299.95.

This comes after a strong close on Tuesday, where the indices surged significantly. The Sensex jumped 1,577.63 points or 2.10% to close at 76,734.89, and the Nifty soared 500 points or 2.19% to end the day at 23,328.55, powered by positive global cues and heavy buying across sectors.

Nifty Technical View: Crucial Resistance Ahead
“Nifty started the week on a strong note, supported by positive global cues,” said Sudeep Shah, Deputy Vice President & Head of Technical & Derivatives Research at SBI Securities.
He also said, currently, Nifty is hovering around its 100 and 200-day EMA levels. 

A decisive move above the 23,360–23,400 zone could set off a further rally toward 23,570, and possibly 23,700 in the short term. On the downside, the 23,200–23,230 zone is likely to act as immediate support.

Sensex at a Turning Point
For Sensex Shah said, “Going ahead, the zone of 76900-77000 will act as an immediate hurdle for the index. While, the zone of 76500-76400 is likely to provide the cushion in case of any immediate decline.“

Adding to market optimism, India VIX, the volatility gauge, plunged nearly 20% on Tuesday, continuing a sharp 30% decline over four sessions, indicating improved sentiment. “This drop from the recent high of 23.18 reflects a significant cooling off in overall market volatility,” Shah added.
 

Global Market Cues: US Indices Struggle, Nvidia Drags Nasdaq
Overnight, US markets closed mixed, with investors reacting to earnings results and tariff concerns. The Dow Jones Industrial Average shed 156 points (0.38%), the S&P 500 fell 0.17%, and the Nasdaq Composite ended marginally higher by 0.18%.

A major drag came from Nvidia, which slumped over 6% in extended trading after announcing a $5.5 billion charge related to the export of its H20 GPUs to China and other restricted nations.

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Shah noted, “The S&P 500 is currently hovering around its 20-day EMA. A sustainable move above the 5,440–5,460 range could extend the pullback to 5,570, while support lies at 5,350–5,330.”

Asia-Pacific Markets Mixed
Markets in the Asia-Pacific region traded mostly lower on Wednesday, tracking the U.S. market's choppy close and lingering concerns over tariffs.

Hong Kong’s Hang Seng Index tumbled 2.11%
China’s CSI 300 dropped 0.84%, even after a 5.4% Q1 GDP growth, beating Reuters’ forecast of 5.1%
Japan’s Nikkei 225 fell 0.3%
South Korea’s Kospi declined 0.47%
Australia’s S&P/ASX 200 bucked the trend, gaining 0.19%

Commodities & Currency Check
Brent Crude prices continue to trade below key moving averages, reflecting bearish momentum. A breakdown below $63 could lead to further decline, while resistance lies at $65.70–66.
Meanwhile, the US Dollar Index (DXY) remains below the 100 level, hovering under key averages. Shah said, “A decisive move below 99 may open the gates for more downside pressure.”

Institutional Activity: FIIs Drive Tuesday Rally
On Tuesday, Foreign Institutional Investors (FIIs) were net buyers, pumping in Rs 6,065.78 crore, while Domestic Institutional Investors (DIIs) offloaded Rs 1,951.6 crore.