Indian markets trade in the green led by broad-based buying and expiry of derivative contracts. All sectoral indices were trading on a positive note. Domestic equities were on the upside despite Asian counterparts witnessing a subdued movement as investors digested the US Federal Reserve officials commentary on the outlook for stimulus. Thursday’s trading session would witness higher volatility as markets brace for the highest ever expiry of derivative contracts.
At around 09.40 am, Sensex was trading at 52,573.78 up by 267.7 points or 0.51%. The index was trading near the day’s high of 52,575.66.
Meantime, Nifty 50 surged by 68.40 points or 0.44% and was trading at 15,755.35. The index was also near the day’s high of 15,760.35.
In terms of sectoral indices, Nifty Metal, Nifty Media, Nifty Realty, Nifty IT and Bank Nifty gained between 0.5-1%.
Gainers on NSE – TCS, L&T and Infosys climbed by 1.3% each. JSW Steel and Ultratech Cement jumped by 1.2% and 1% respectively.
Losers on NSE – Eicher Motors and ONGC plunged by 0.6% each, Cipla tumbled by 0.5%. Titan and Adani Ports dived marginally.
Companies that are set to announce their March 2021 quarterly result today will be in focus are – Oil and Natural Gas Corporation, Ashok Leyland, Allied Computers International, Bodal Chemicals, CL Educate, Deep Industries, Everest Kanto Cylinder, Essar Shipping, Future Supply Chain Solutions, Mishra Dhatu Nigam, Mudra Financial Services, PTC India, South India Paper Mills, Sundaram Multi Pap, Take Solutions, Thangamayil Jewellery, and West Coast Paper Mills.
Asian stocks were mixed with Chinese and Australian shares in the red, however, on the muted note. Markets price in earlier than expected tapering of bond-buying by the US Fed. Technology-related stocks saw positive action in South Korea & Taiwan while the Japanese Nikkei and Hong Kong’s Hang Seng edged higher.
Overnight, on Wall Street, US indices settled on mixed close as Dow Jones falls 70 points in the last 15 minutes of the trading bell, while Nasdaq ended with gains at fresh new all-time highs. Bond yields remain flat at 1.48% while US$ sees weakness creep in.
Markets are on a wait and watch mode due to tapering of bond-buying earlier than expected as investors assume the Fed to talk beginning yet act faster than expected.