Market Today: Equity markets have been rangebound with optimistic bias on Wednesday as traders await contemporary triggers for directional strikes. The S&P BSE Sensex ended with positive aspects of 354 factors, or 0.47 per cent, at 75,038 ranges, whereas the Nifty50 closed at 22,754, up 111 factors or 0.49 per cent.
ITC, Kotak Bank, SBI, Tech M, Bharti Airtel, Asian Paints, JSW Steel, Infosys, and Reliance Industries have been the highest winners on the 30-inventory index, rising between 1 per cent and a couple of per cent.
Meanwhile, within the broader markets, outperformed the market with the BSE MidCap index and the BSE SmallCap index advancing 0.89 per cent and 0.46 per cent, respectively.
Among sectors, the Nifty PSU Bank, FMCG, Media, and Metal indices gained within the vary o 1.23 per cent to 1.80 per cent, whereas Pharma and Auto indices ended within the crimson.
Vinod Nair, Head of Research, Geojit Financial Services, mentioned: “Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts. Investor attention remains fixated on the impending release of the FOMC minutes and US inflation data later today. Following the release of strong US job data, market sentiments are inclined towards an anticipation of spike inflation, thereby reducing the likelihood of a near-term rate cut. Additionally, Fitch’s recent downgrade of China’s credit rating could potentially reverberate through the global economy, warranting a caution.”
Global Cues
Asian shares have been muted as traders stored look ahead to potential intervention by Japanese authorities to cease the yen’s decline and awaited US inflation information afterward Wednesday for clues to future rate of interest strikes.
Tokyo shares opened decrease on Wednesday with traders anticipated to take a wait-and-see stance forward of the discharge of US inflation information. The benchmark Nikkei 225 index dropped 0.34 p.c, or 133.84 factors, to 39,639.29 whereas the broader Topix index slipped 0.31 p.c, or 8.61 factors, to 2,746.08.
The S&P 500 posted nominal positive aspects on Tuesday, a day forward of main inflation information, weighed down by monetary shares as traders braced for main US banks to kick off earnings reporting season on Friday.
