Watch out for these breakout stocks today

Nifty 50 started lower on the back of poor global signals. In this post watch out for these breakout stocks on Wednesday.

Nifty 50 began lower on Wednesday at 17,665.75, down from Monday's closing of 17,711.45. This was due to lacklustre global trends. Indian markets were closed on Tuesday on account of Holi. On Tuesday, leading Wall Street indices closed down as US Fed Chair Jerome Powell stated that the Fed is likely to hike interest rates more than previously estimated to limit inflation and calm the economy.

Global Markets  

In overnight trade, Nasdaq Composite dropped 1.25%, Dow Jones Industrial Average fell 1.72%, and S&P 500 plummeted 1.53%. In fact, at the time of writing, their futures were trading in the red. On Wednesday, Asian market indices were mostly down. Except for Japan's Nikkei 225 index, all other indices were trading in the red.

Domestic Markets

Nifty 50 was trading at 17,679.4 at 9:55 a.m., down 32.05 points or 0.18%. Frontline indices, on the other hand, outpaced broader market indices. Nifty Mid-Cap 100 index fell 0.14% and Nifty Small-Cap 100 index declined 0.26%.

Market Statistics

The advance-decline ratio on the BSE was neutral, with 1420 stocks rising, 1462 falling, and 138 staying unchanged. All other sectors were trading flat to negative.

FIIs and DIIs were net purchasers as of March 6, according to statistics. Foreign Institutional Investors (FIIs) purchased shares worth Rs 721.37 crore. Domestic Institutional Investors (DIIs) invested Rs 757.23 crore in shares.

Breakout Stocks to Watch Out for Today