Key benchmark indices ended their 5-day long losing streak on Wednesday as heavyweights Reliance, Bharti Airtel, and TCS drove the BSE Sensex higher. At Close, the Sensex was up 574.35 points or 1.02 per cent at 57,037.50, and the Nifty was up 177.80 points or 1.05 per cent at 17,136.50. About 1716 shares have advanced, 1593 shares declined, and 111 shares are unchanged.
Among the other key Sensex gainers, Maruti, Asian Paints, UltraTech Cement, Dr.Reddy’s, and Nestle India were also up over 2 per cent each. On the flip side, Bajaj Finance slipped over 3 per cent. ITC and ICICI Bank were down over a per cent each.
The broader markets were also up smartly. The BSE MidCap and SmallCap indices were up 0.7 per cent each. The overall breadth also was marginally positive, with nearly 1,900 stocks advancing versus 1,400 declining shares on the BSE.
Sectorally, the BSE Auto, Energy, and Oil & Gas indices were the top gainers, while Telecom, IT, and Healthcare indices also logged notable gains.
Vinod Nair, head of research at Geojit Financial Services, said: “With support from recovery in beaten-down HDFC stocks and the IT sector, the market countered yesterday’s selloff. Foreign investors are pumping out funds in large quantities while support from DIIs is helping the market to partially balance the pressure. A similar level of volatility can be expected to continue until global uncertainties settle down leading to a softening of FII selling.”
Kunal Shah – senior technical & derivative analyst at LKP Securities, said: “The Bank Nifty index continued to witness selling pressure at higher levels and is trading near its 200DMA. The index if fails to hold yesterday’s low will witness further downside towards 36,000-35,800 levels. The upside confirmation will come only above the level of 38,000.”
Global Cues
US stocks overcame a weak start and finished broadly higher Tuesday, giving the major indexes on Wall Street their best day in nearly five weeks. The S&P 500 rose 1.6 per cent, enough to recoup almost all of its losses from last week. The Dow Jones Industrial Average rose 1.5 per cent and the Nasdaq gained 2.2 per cent. The last time the indexes mounted a bigger rally was March 16. The S&P 500 and Nasdaq came into this week with two straight weekly losses, while the Dow has fallen three weeks in a row.
Tokyo stocks opened higher on Wednesday, helped by a cheaper yen and gains on Wall Street where investors were encouraged by better-than-expected US housing starts data and solid corporate earnings. The benchmark Nikkei 225 index was up 0.76 per cent, or 204.38 points, at 27,189.47 in early trade, while the broader Topix index was up 0.83 per cent, or 15.69 points, at 1,911.39.
Hong Kong stocks opened in the red on Wednesday after the IMF downgraded its global growth forecast for 2022. The Hang Seng Index fell 0.26 per cent, or 54.92 points, to 20,972.84. The Shanghai Composite Index opened 0.13 per cent lower, or 4.14 points, at 3,189.89, while the Shenzhen Composite Index on China’s second exchange was down 0.09 per cent, or 1.81 points, at 2,018.47.
Read all the Latest Business News and Breaking News here
Comments
0 comment