Sensex today: Investors pocketed over Rs 4 lakh crore as the Sensex rose 278 points on fag buying.
The 30-share BSE benchmark Sensex surged 278 points or 0.39 per cent to 71,833. The NSE Nifty closed at 21,840, up 97 points or 0.45 per cent.
Among Sensex stocks, SBI, Tata Steel, Axis Banj, Maruti and NTPC closed 2-4 per cent higher. Tech Mahindra, Sun Pharma, TCS, Infosys and Infosys closed 1-3 per cent lower.
IT companies that earn a significant portion of their sales in the U.S. lost about 3% of their profits in January, according to data that showed inflation in the world’s largest economy slowed less than expected and undermined market expectations of an early Federal Reserve interest rate cut. % loss.
Tech Mahindra, TCS and Infosys fell up to 2.8 per cent and were the top losers in the Sensex.
The Nifty PSU Bank index closed 3.2 per cent higher. Among PSU banking stocks, Indian Bank and Punjab & Sind Bank rose over 5 per cent each. Bank of Baroda, SBI and UCO Bank also closed up more than 4%. Shares of the Indian Renewable Energy Development Authority (IREDA) also recovered early losses and closed 3% higher following large-scale trading. Meanwhile, the market capitalization of all listed companies increased from Rs 4.14 lakh crore to Rs 384.89 lakh crore on BSE. The market breadth tilted towards the bulls. On BSE, around 2,425 stocks advanced, 1,425 stocks declined and 88 stocks were unchanged.
expert take
Vinod Nair, CEO of the bank, said, “The domestic market has recovered from one-day lows on the back of fresh buying interest in banking stocks. PSU banks have attracted interest due to improving asset quality and the government’s continued focus on fiscal health, but their valuations have risen. “Concerns still remain,” he said. Research, false financial services.
“Optimism was further supported by favorable inflation figures in the UK, contributing to the broader recovery. However, IT stocks experienced selling pressure following the release of higher-than-expected US CPI, sparking concerns about a possible rate cut and a delay in rate cuts. Customers It affects spending,” Nair added.
Rupak De of LKP Securities said, “Nifty was very volatile with dominant strength showing throughout the day after a weak start. However, as long as it stays below 21,850, the sentiment remains sideways and negative. Any decisive move above 21,850 would indicate strong market momentum. Rally. Nifty above 21,850 could potentially move towards 22,200. Near-term support lies at 21,700.”
global market
Global stocks fell on Wednesday as traders lowered expectations about the speed and size of the Federal Reserve’s interest rate cuts this year.
The MSCI World Index, which hit a two-year high on Monday, fell 0.1% after overnight losses on Wall Street sent the S&P 500 down 5,000 points. Even Japan’s Nikkei index, which hit its highest level in 34 years on Tuesday, continued to decline, falling 0.7%.
In Europe, the STOXX index edged up 0.1% as strong performance lifted regional indexes.
Dollar and Treasury yields rise
The 10-year U.S. Treasury yield hit its highest in more than two months after Tuesday’s inflation report, which gave the dollar a huge boost.
By Wednesday, the benchmark 10-year yield was down 2.5 basis points at 4.2907%, below a session high of 4.332%.
With yields firming, the dollar entered positive territory against a basket of currencies, hitting 104.90, its highest since November.
crude influence
Oil prices were little changed on Wednesday, maintaining gains from Tuesday on strong OPEC demand growth prospects and a sharp decline in U.S. fuel inventories.
Brent crude futures rose 14 cents, or 0.18%, to $82.92 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures traded at $77.97, up 8 cents (0.13%).
Rupee Falls
The Indian rupee closed slightly lower on Wednesday. The rupee was settled at 83.0300 per US dollar compared to 83.0025 in the previous session.
(Based on the opinion of the institution)
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