The domestic equity market as well as forex and commodity exchanges are shut on Wednesday on account of Mahavir Jayanti.
Benchmark equity indices BSE Sensex and NSE Nifty scaled fresh life-time close highs on Tuesday, as sentiment remained upbeat for the fourth session in a row on “near-normal” monsoon forecast and optimism over firm corporate earnings.
Asian share markets got off to a guarded start on Wednesday as investors waited anxiously for a raft of Chinese data that might show policy stimulus is finally gaining traction in the world’s second-largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan was a fraction lower, Japan’s Nikkei was up 0.2 per cent.
BSE Sensex closed 369.80 points, or 0.95 per cent, higher at 39275 in the previous session, while NSE’s Nifty settled 96.80 points, or 0.83 per cent, up at 11,787.
With a gain of up to 3.96 per cent, IndusInd Bank, ICICI Bank, ONGC, L&T, Maruti, Asian Paints, Bajaj Auto, Hero MotoCorp, M&M, Kotak Mahindra Bank, TCS and Axis Bank were among the top gainers in the Sensex pack.
On the other hand, PowerGrid, Infosys, Tata Motors and Coal India closed up to 0.63 per cent lower.
Vinod Nair, Head of Research, Geojit Financial Services said, “The market rallied to a new high supported by optimism over quarterly earnings and positive global market. A better monsoon outlook from IMD provided relief to investors, who are keen on earnings outcome to accumulate quality stocks despite election led volatility.”
Meanwhile, the rupee lost another 18 paise to close at 69.60 against the US dollar on Tuesday, marking third straight session of decline owing to sustained demand for the greenback from importers and rising global crude oil prices.
Jayant Manglik, President – Retail Distribution, Religare Broking said, “We remain cautiously optimistic on the Indian markets and expect consolidation in the near term given the recent rally. Further, earnings outcome of Nifty heavyweights (Reliance Industries and HDFC Bank) this week may provide further direction to the markets.”
On the global front, China GDP data, US-China trade talks as well as corporate earnings will provide cues to the investors. In addition, INR vs USD and oil price movement are the other key factors.
Source: Economic Times