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Stock Market Today:
Indian shares gained on Wednesday, with the S&P BSE Sensex hitting its highest level since April 5, as easing pace of inflation and strong earnings drove gains. The S&P BSE Sensex jumped 418 points, or 0.7 per cent, to close at 60,260. The NSE Nifty, meanwhile, shut shop at 17,926, up 101 points or 0.57 per cent.
Top Gainers & Losers
Bajaj Finserv (up nearly 6 per cent), Bajaj Finance, HDFC Life, Hero MotoCorp, Hindalco, Tech M, Bharti Airtel, BPCL, and HCL Tech were the top large-cap gainers. On the flipside, M&M, Apollo Hospitals, Coal India, Cipla, SBI Life, Ultratech Cement, and Maruti Suzuki were the top losers, down up to 1.2 per cent.
In the broader market, the BSE MidCap and SmallCap indices settled up to 0.6 per cent up led by ICICI Securities, Zee Entertainment, Supreme Industries, Adani Power, Nava, Rossell India, and Rattan India Enterprises.
Among sectors, the Nifty PSB index advanced 2 per cent, while the Nifty Auto index slipped 0.5 per cent on profit booking.
Among individual stocks, shares of Mahanagar Gas slipped over 3 per cent after the firm slashed prices of PNG and CNG.
Besides, shares of NTPC advanced over 2 per cent as the power giant floated tender to raise Rs 5,000 crore term loans from financial institutions.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Experts disagreed on whether the ongoing rally is a bear market rally or the beginning of yet another bull market. The majority who believed that this is a bear market rally has been decisively proved wrong by the ferocity of the rally which has taken the Nifty to a mere 4.3 per cent away from the all-time high. It is important to appreciate the fact that there is global support for this rally with S&P 500 and Nasdaq bouncing back by 18 and 24 per cent from their June lows.”
“Declining US inflation, confidence that the Fed need not have to aggressively raise rates and the increasing probability of a soft landing of the US economy are supporting this rally. In India, steadily declining inflation, strong growth momentum in the economy, and FIIs turning into consistent buyers are driving the rally. Even though valuations are high it makes sense to remain invested and buy on dips,” he added.
Global Cues
Globally, investors will monitor the minutes of the US FOMC meeting on Wednesday to understand inflation and recession projections. That apart, the US markets were mixed on Tuesday as Dow Jones climbed 0.7 per cent, while the S&P 500 rose 0.1 per cent, and NASDAQ Composite slipped 0.1 per cent.
Asian shares tracked solid Wall Street performance on Wednesday as strong overnight earnings for US retail giants pointed to further scope for the Federal Reserve to tackle inflation with rate hikes.
Tokyo stocks opened higher on Wednesday as investors took heart from strong US retail sector reports and worries eased over inflation. The benchmark Nikkei 225 index was up 0.40 per cent, or 114.52 points, at 28,983.43 in early trade, while the broader Topix index advanced 0.46 per cent, or 9.10 points, to 1,991.06.
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