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NEW DELHI: Equity benchmark indices settled higher after notable gains on Wednesday ending a three-day loss streak, driven by positive sentiment in global markets and value-buying at lower levels. Sensex settled at 79,468 after climbing 874 points while Nifty ended the session at 24,297 points, up by 304 points.
Adani Ports, Power Grid, Tata Steel, JSW Steel and Infosys emerged as the top performers among the Sensex companies while Indusind bank, Hindustan Unilever, Tech Mahindra, Titan and Bharti Airtel were the major laggards.
“Global markets experienced a notable rebound after the BoJ’s Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability. The Indian market also witnessed broad-based buying across sectors, with the realty sector seeing a relief rally due to the reinstatement of indexation benefits,” said Vinod Nair, Head of Research, Geojit Financial Services.
The positive trend was also witnessed in Asian markets, with Seoul, Tokyo, Shanghai, and Hong Kong ending the day significantly higher. European markets also followed the trend.
Japan’s Nikkei 225 surged more than 2%, Hong Kong’s Hang Seng increased by more than 1.26%, and Taiwan’s Weighted Index gained more than 3.5% in Wednesday’s trading.
US markets also closed with gains on Tuesday, as the S&P 500 and Nasdaq indices each surged more than 1%.
The Bank of Japan’s deputy governor, Shinichi Uchida, said, “The Bank needs to maintain monetary easing with the current policy interest rate for the time being, given the extreme volatility in financial and capital markets.”
Foreign Institutional Investors (FIIs) continued to offload equities, selling Rs 3,531.24 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 3,357.45 crore.
Meanwhile, Rupee, plummeted to an all-time low of 83.9725 against the US Dollar, primarily due to robust demand for the US Dollar and hedging activities by importers.
Market analysts anticipate that the Rupee will continue to trade with a bearish sentiment, influenced by the strength of the US Dollar and ongoing geopolitical tensions in the Middle East. However, the Rupee may find some support from positive global equity markets and potential interventions by the Reserve Bank of India (RBI).
“The recent amendment to the finance bill, allowing taxpayers to choose between a 12.5 per cent LTCG rate without indexation or a 20% rate with indexation, provides relief to middle-class homeowners and is expected to boost the real estate sector,” said Varun Aggarwal MD, Profit Idea.
The global oil benchmark, Brent crude, jumped 1.12 per cent to USD 77.34 a barrel.
The BSE benchmark declined for the third consecutive day on Tuesday, closing at 78,593.07, down 166.33 points or 0.21 percent. Similarly, the Nifty fell 63.05 points or 0.26 percent to close below the 24,000 level at 23,992.55.
Adani Ports, Power Grid, Tata Steel, JSW Steel and Infosys emerged as the top performers among the Sensex companies while Indusind bank, Hindustan Unilever, Tech Mahindra, Titan and Bharti Airtel were the major laggards.
“Global markets experienced a notable rebound after the BoJ’s Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability. The Indian market also witnessed broad-based buying across sectors, with the realty sector seeing a relief rally due to the reinstatement of indexation benefits,” said Vinod Nair, Head of Research, Geojit Financial Services.
The positive trend was also witnessed in Asian markets, with Seoul, Tokyo, Shanghai, and Hong Kong ending the day significantly higher. European markets also followed the trend.
Japan’s Nikkei 225 surged more than 2%, Hong Kong’s Hang Seng increased by more than 1.26%, and Taiwan’s Weighted Index gained more than 3.5% in Wednesday’s trading.
US markets also closed with gains on Tuesday, as the S&P 500 and Nasdaq indices each surged more than 1%.
The Bank of Japan’s deputy governor, Shinichi Uchida, said, “The Bank needs to maintain monetary easing with the current policy interest rate for the time being, given the extreme volatility in financial and capital markets.”
Foreign Institutional Investors (FIIs) continued to offload equities, selling Rs 3,531.24 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 3,357.45 crore.
Meanwhile, Rupee, plummeted to an all-time low of 83.9725 against the US Dollar, primarily due to robust demand for the US Dollar and hedging activities by importers.
Market analysts anticipate that the Rupee will continue to trade with a bearish sentiment, influenced by the strength of the US Dollar and ongoing geopolitical tensions in the Middle East. However, the Rupee may find some support from positive global equity markets and potential interventions by the Reserve Bank of India (RBI).
“The recent amendment to the finance bill, allowing taxpayers to choose between a 12.5 per cent LTCG rate without indexation or a 20% rate with indexation, provides relief to middle-class homeowners and is expected to boost the real estate sector,” said Varun Aggarwal MD, Profit Idea.
The global oil benchmark, Brent crude, jumped 1.12 per cent to USD 77.34 a barrel.
The BSE benchmark declined for the third consecutive day on Tuesday, closing at 78,593.07, down 166.33 points or 0.21 percent. Similarly, the Nifty fell 63.05 points or 0.26 percent to close below the 24,000 level at 23,992.55.
