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Market LIVE: Sensex reclaims 50,000, Nifty nears 14,800, Tata Consumer share price hits new 52-week high – The Financial Express

Barring Nifty IT, all the sectoral indices were ruling in the positive territory. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading in the positive territory on Wednesday. BSE Sensex reclaimed 50,000 level, while the broader Nifty 50 index was nearing 14,800. Index-heavyweights such as Reliance Industries Ltd (RIL), HDFC Bank, Axis Bank, Bajaj Finance and ICICI Bank were among top index contributors. TCS, Infosys, Tech Mahindra, Power Grid Corporation of India and HCL Tech were among top Sensex laggards. Barring Nifty IT, all the sectoral indices were ruling in the positive territory. The Nifty Metal index was up over 2 per cent while Nifty PSU Bank index gained 1 per cent.India’s GDP may turn positive at 1.3 per cent in the third quarter of 2020-21 as the number of cases is falling and public spending has started rising, according to a report. The government will release the GDP numbers for the October-December quarter of the current fiscal on Friday.

The Index is trying hard to hold on to the 14700 level. If we manage to keep below it, the Nifty could slide down to 14500 and thereafter 14300. On the upside there is a resistance patch at 15000-15100 and until that is not crossed, we remain bearish in the short term time frame.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The rupee opened on positive at 72.35 against the US dollar in opening trade on this morning, yesterday it gains a bit in the morning session but depreciated a bit after the RBI’s intervention. FII sold 1100 CR into domestic equity on Tuesday putting pressure on the local currency, Dollar index trading negative and on the verge of breaking $90. Investors will eye on the development on stimulus discussion on Friday. Technically, USDINR Feb Future closed at 72.5350 in previous trading session, the market could see Bearish momentum up to 72.40 levels in today’s session.: Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited

Seeking cues from the global equities, investors seemed nervous which had led to foreign investors selling shares worth Rs. 1569 crs in past trading session, thereby pressuring USDINR pair. However, the continued uncertainty over the stimulus and much accommodative stance of Fed will decide whether the FII will remain on selling spree or it moves back to the risk on mode, thereby driving further momentum in USDINR pair. Nonetheless, in the last two trading sessions, RBI has been a protector on downside by not letting rupee break the next strong base of 72.30 levels. Further, buying pressure driven by PSU’s and importers brings rupee close to 72.45-50 levels in the last hour of the sessions. Yet the rupee has been still trading below its important 72.50 mark which shall overall keep appreciation pressure intact.: Amit Pabari, managing director, CR Forex Advisors

Tata Consumer Products share price hit a fresh 52-week high of Rs 652.85 apiece on BSE after the stock exchange informed that Tata group firm will replace GAIL in Nifty 50 from March 31, 2021.

COMEX gold trades marginally higher near $1810/oz after a 0.1% decline yesterday. Supporting gold price is Fed’s support for loose monetary policy stance and retreat in US bond yields from recent high. However, weighing on price is continuing ETF outflows, some better than expected US economic data and improving virus situation. Gold is holding above $1800/oz and Fed’s loose monetary policy stance may support price however a sharp rise is unlikely until US bond yields correct sharply.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

Barring Nifty IT, all the sectoral indices were ruling in the positive territory. Nifty Metal index was up over 2 per cent while Nifty PSU Bank index gained 1 per cent.

Index-heavyweights such as Reliance Industries Ltd (RIL), HDFC Bank, Axis Bank, Bajaj Finance and ICICI Bank were among top index contributors.

GAIL India share price fell 1.56 per cent to Rs 145.05 apiece on BSE after bourses informed that Tata Consumer Products will replace GAIL in the Nifty 50 index

BSE Sensex was trading 144 points or 0.30 per cent up at 49,895, while the broader Nifty 50 index was up 40 points or 0.34 per cent at 14,757.

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Bajaj Finance, ONGC, Tata Steel, HCL Tech, Asian Paints, Bharti Airtel were among top BSE Sensex gainers in pre-open on Wednesday.

BSE Sensex was trading 150 points or 0.30 per cent up at 49,895 in the pre-opening session on Wednesday.

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The Supreme Court on Tuesday restored the appeal by the National Spot Exchange Ltd (NSEL), a part of 63 Moons Technologies (formerly known as Financial Technologies India Ltd), before the Securities Appellate Tribunal in a case related to ‘not fit and proper’ entities in the Rs 5,600-crore NSEL payment scam.

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Domestic gold and silver could start marginally higher this Wednesday morning, tracking the overseas markets. Technically, MCX Gold April is trading above 46500 and further can continue its bullish momentum up to 46950-47100 levels. Support is at 46650-46400 levels. MCX Silver March is trading below 70000 levels and can see sideways to bearish momentum. Resistance is at 70050-70900 levels. Support is at 69000-67900 levels. MCXBULLDEX March below 15000 levels can see negative momentum. Range for the session is 14850-15050 levels.: Sriram Iyer, Senior Research Analyst at Reliance Securities

There will be replacements in 36 indices, including Nifty 50, from March 31. The exchange’s Index Maintenance Sub-Committee (Equity) decided to make replacements in the indices as part of its periodic review. In Nifty 50, Tata Consumer Products will replace GAIL from March 31.

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On Tuesday, foreign institutional investors (FIIs) net sold shares worth Rs 1,569.04 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 216.67 crore in the Indian equity.

The stock exchange said there will be replacements in 36 indices, including Nifty 50, from March 31. The exchange’s Index Maintenance Sub-Committee (Equity) decided to make replacements in the indices as part of its periodic review. In Nifty 50, Tata Consumer Products will replace GAIL from March 31.

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Asian stock markets were trading lower on Wednesday even as Federal Reserve Chair Jerome Powell tried to ease some worries around higher interest rates and inflation. Australian benchmark ASX 200 fell over half a per cent. Japan’s Nikkei 225 declined 0.91 per cent while the Topix index was down 1 per cent. 

BSE Sensex and Nifty 50 were likely to open in the positive territory on Wednesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 87.50 points or 0.59 per cent higher at 14,801 on Singaporean Exchange.

DBS Group Research economist Radhika Rao said sharp improvement in the COVID-19 situation and rising public spending are the two factors that bode well for December 2020 quarter. India posted de-growth of 24 per cent and 7.5 per cent in GDP in first and second quarters ended June and September 2020, respectively.

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