Shanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ were all trading with losses. SGX Nifty too was trading over 55 points lower during the early hours of trade on Wednesday.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Sensex and Nifty enter Wednesday’s trading session on the back of a nine-day gaining streak, their longest since 2018. However, indices seem to be losing momentum after the recent consecutive flat closing of indices. Global cues on Wednesday were negative with US stock markets having slipped into the red during yesterday’s session. Shanghai Composite, Hang Seng, Nikkei 225, and KOSDAQ were all trading with losses. SGX Nifty too was trading over 55 points lower during the early hours of trade on Wednesday. Technical analysts believe that the uptrend remains intact for domestic equity markets and dips can be used to accumulate long positions.
The International Monetary Fund (IMF) has projected the Indian economy to contract by 10.3% this year, owing to the coronavirus pandemic. However, the IMF also said that India is likely to bounce back with an impressive 8.8% growth in 2021. The 8.8% growth rate would make India as the fastest growing emerging economy in the world. IMF’s prediction comes after the World Bank said India’s GDP is expected to contract 9.6%. The Reserve Bank of India has forecasted the GDP to shrink 9.5% this fiscal year.
Highlights
After the failure of its delisting, Anil Agarwal's Vedanta Ltd said that it remains committed to India particularly in the natural resources sector. "The bid would have resulted in FDI inflow of over 3.15 billion dollars into the Indian economy and helped boost growth between 0.4% and 0.8% through the multiplier impact of such large infusion of funds. Vedanta looks forward to unparalleled opportunities and growth in India. The company is committed to fulfilling the goal of Aatmanirbharta in the natural resources sector," the company said in a statement released on Tuesday.
IT services major Wipro on Tuesday announced an up to Rs 9,500 crore buyback plan at Rs 400 per equity share. The announcement comes a week after its rival Tata Consultancy Services (TCS) announced a mega Rs 16,000-crore buyback plan at Rs 3,000 per equity share.
In a regulatory filing, Wipro said its board of directors has approved a buyback proposal for purchase of up to 23.75 crore equity shares at Rs 400 per share and aggregates to an amount of up to Rs 9,500 crore. This is 4.16 per cent of the paid-up equity share capital of the company as on September 30, 2020, it added.
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Continuing the gaining momentum for nine straight days, BSE Sensex and Nifty 50 are likely to open in the negative territory on Wednesday. In the previous session, Indian share markets traded volatile and ended with marginal gains, following Asian peers. Investors will watch quarterly earnings of IT bellwether Infosys, react to Wipro’s buyback approval, number of COVID-19 cases coupled with a high rate of recoveries, and other global cues.
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"After showing minor weakness from the swing highs On Monday, Nifty shifted into a consolidation with weak bias on Tuesday and closed the day on a flat note. A doji type candle pattern was formed (identical open and close), which was formed beside the minor negative candle of Monday," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He added that normally, a formation of doji after a reasonable upmoe or down move could be considered as a warning signal for trend reversal. "Having formed this pattern beside the last negative candle could mean less predictive value for this doji pattern."
Batting for more fiscal spending, chief economic adviser Krishnamurthy V Subramanian said a boost to infrastructure and employment-related programmes like creation of an urban job guarantee programme would help pep up consumption demand. The Covid-ravaged economy will likely shrink by a record 9.5% in the current fiscal, Subramanian said on Tuesday, as he agreed with the central bank’s latest assessment of the magnitude of growth slump. However, elevated inflation will still drive up nominal GDP.
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The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday. However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China’s projected growth rate of 8.2 per cent, the IMF said in its latest ‘World Economic Outlook’ report.
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