Sensex Surges Over 400 Points, Nifty Reclaims 14,400 Led By Reliance

Nifty futures were trading 60.50 points or 0.42 per cent lower at 14,496 on Singaporean Exchange, suggesting a negative opening for BSE Sensex and Nifty 50 on Wednesday. After yesterday’s rally, Indian stock markets are in the overbought zone as Nifty 50 index closed the previous session with a P/E multiple of 39.22.

In the early trade, Asian stocks were trading mixed following the release of China’s latest benchmark lending rate. Moreover, Joe Biden will sworn in as 46th US President and Kamala Harris as the Vice President. Harris will also be the first African American and India-origin person to occupy the second most powerful position in the US.

According to Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, the market is heading for 14580/49600 levels, which is a crucial hurdle point for the market. On the decisive break of 14580/49600 levels, it would result in retesting of 14650/49800 levels, which is an all-time highest level.