Sensex Gains Over 250 pts, Nifty Above 15,850; Key Points

The Indian fairness markets opened within the inexperienced amid blended world cues on Wednesday morning. At 09:16 IST, the Sensex was up 282.28 factors or 0.53 per cent at 53416.63, and the Nifty was up 61.30 factors or 0.39 per cent at 15872.20. About 1105 shares have superior, 527 shares declined, and 101 shares are unchanged.

Top Gainers and Losers

Asian Paints, L&T, Axis Bank, Bajaj twins, Kotak Bank, Maruti, Tech M, HUL, Ultratech Cement and IndusInd Bank led features on the Sensex, whereas BPCL, Eicher Motors, SBI Life had been the extra winners on the Nifty.

On the draw back, ONGC, Hindalco, Tata Steel, JSW Steel, Coal India, Nestle, PowerGrid, and NTPC had been the highest losers throughout the 2 benchmarks.

Broader Markets

The broader markets additionally opened in inexperienced. The BSE MidCap and SmallCap indices had been as much as 0.4 per cent increased.

Nifty metals that slumped over 1.6 per cent and oil & fuel indices had been the one underperformers. Realty, financials, auto and banks had been the highest indices main the upmove.

Among shares, Concor rose over 3 per cent after experiences mentioned that the Union Cabinet might take up land lease coverage in the present day, and scale back licensing charges.

Refiners MRPL and Chennai Petro shed over 5 per cent every after an almost 10 per cent stoop in crude oil costs Tuesday.

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned: “There are lots of signals from markets: Brent crude crashed to near $100 a barrel, dollar index rose above 106, rupee again depreciated to an all-time low, euro is at 20-year low to the dollar and, perhaps most importantly from Indian market perspective, FIIs turned buyers after a long gap. While crude crash along with corrections in other commodities like metals is a bearish signal indicating increasing possibility of recession in the US, commodity crash is positive for the Indian economy and FIIs turning buyers is a bullish signal for Indian equity market. It is important to watch whether these signals are one-offs or will they sustain. With valuations reaching fair levels, investors can buy high-quality stocks in a calibrated manner. Stocks that FPIs sell like financials and IT are good segments to bet on now.”

Global Cues

Asian shares slipped and the greenback stood by a two-decade excessive on the euro on Wednesday as buyers’ fears deepened that the continent is main the world into recession, whereas oil and European fairness futures tried to regular after a slide.

Tokyo shares opened decrease Wednesday after a blended shut on Wall Street as lingering recession fears brought about a rout on European bourses. The benchmark Nikkei 225 index was down 0.79 per cent, or 209.58 factors, at 26,213.89 in early commerce, whereas the broader Topix index was down 0.69 per cent, or 12.94 factors, at 1,866.18.

The S&P 500 ended barely increased on Tuesday as buyers saved their give attention to the expansion trajectory of the US economic system, and the tech-heavy Nasdaq closed increased whereas the Dow slipped. The Dow Jones Industrial Average fell 129.44 factors, or 0.42 per cent, to 30,967.82, the S&P 500 gained 6.06 factors, or 0.16 per cent, to three,831.39 and the Nasdaq Composite added 194.39 factors, or 1.75 per cent, to 11,322.24.

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