Stock market today: After trading weak for 19 straight sessions, the Indian stock market witnessed strong buying in the early morning session on Wednesday. The Nifty 50 index opened marginally lower at 22,073 but soon caught bulls’ attention and touched an intraday high of 22,296, recording an intraday gain of over 200 points. The BSE Sensex opened upside at 73,005 and touched an intraday high of 73,609, logging an intraday gain of around 620 points. However, the 30-stock index retraced today’s high but sustained above the crucial 22,200 mark. Today, Bank Nifty opened flat at 48,241 and touched an intraday high of 48,657 during the opening bell. The broader market also witnessed strong buying during the early morning session on Wednesday as the BSE Small-cap and Mid-cap indices are up by over 2 per cent.

Why is Indian stock market rising today?

However, stock market experts believe today’s gain in the Indian stock market can be due to short-covering, as investors, especially FIIs, have huge short positions in Indian stocks. Due to the dip in the US dollar and US treasury yields, FIIs might be short-covering their positions, which may lead to a relief rally on Dalal Street. However, they agreed that after Donald Trump’s speech in the US Congress, it seems that the market has almost discounted Trump’s tariff jibe, and now they are focussed on the renewed fear of US inflation.

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