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NEW DELHI: Benchmark indices opened on a positive note on Tuesday ahead of the start of a two-day Fed policy review.
The gains, however, were limited amid concerns over retail inflation, which breached the RBI’s comfort zone of 6 per cent in May, and a fall in rupee for five consecutive sessions.
At 9:20 am, the BSE Sensex was trading 209 points or 0.4 per cent higher at 52,761.46. It hit an all-time high of 52,785.71 in early deals. The NSE Nifty50 was ruling 62.50 points or 0.40 per cent higher at 15,874.35.
Among Sensex stocks, IndusInd Bank rose 1.83 per cent to Rs 1,042. Asian Paints added 1.36 per cent to Rs 2,988. Tech Mahindra, HCL Tech, Infosys and TCS advanced up to 1.33 per cent on weakness in the rupee. Dr Reddy’s fell 0.54 per cent while Bajaj Finance traded flat.
Asian peers were largely mixed ahead of the US policy meeting.
“It's a close call, but we think it’s a bit too early for FOMC tapering discussions. The Fed dots will likely show one rate hike in 2023,” foreign brokerage Nomura said.
VK Vijayakumar of Geojit Financial Services said that the US 10-year yield is hovering around a three-month low of 1.48 per cent, suggesting that the market doesn't expect any major market-moving announcement from the US central bank. The analyst was more worried over the domestic inflation print.
"Rising inflation is becoming a major concern for the market. CPI inflation print at 6.3 per cent for May indicates that inflation may overshoot RBI's target unless reversed in June and July. Rising inflation can constrain RBI's pro-growth accommodative monetary policy,” he said.
Among the buzzing stocks, Strides Pharma rose 2.4 per cent to Rs 837.25 after its Singapore-based subsidiary joined hands with US-based Ennaid Therapeutics to produce an oral medication to treat patients with mild and asymptomatic Covid-19.
JB Chemicals added 2.16 per cent to Rs 1,579.45 after the drugmaker reported a two-fold jump in consolidated net profit to Rs 100.81 crore for the quarter ended March 2021 on account of robust sales.
BSE, as a stock, rose 0.85 per cent to Rs 938.50 after Sebi said it has granted approval to BSE Administration and Supervision Ltd (BASL) for carrying out administration and supervision activities of investment advisers.
Jubilant FoodWorks, Power Finance Corporation, Whirlpool of India, LIC Housing, Easy Trip Planners and Lemon Tree among companies that will announce their March quarter earnings later in the day.
The gains, however, were limited amid concerns over retail inflation, which breached the RBI’s comfort zone of 6 per cent in May, and a fall in rupee for five consecutive sessions.
At 9:20 am, the BSE Sensex was trading 209 points or 0.4 per cent higher at 52,761.46. It hit an all-time high of 52,785.71 in early deals. The NSE Nifty50 was ruling 62.50 points or 0.40 per cent higher at 15,874.35.
Did you Know?
Stock score of Reliance Industries Ltd moved down by 1 in a week.
View Latest Stock Report »Among Sensex stocks, IndusInd Bank rose 1.83 per cent to Rs 1,042. Asian Paints added 1.36 per cent to Rs 2,988. Tech Mahindra, HCL Tech, Infosys and TCS advanced up to 1.33 per cent on weakness in the rupee. Dr Reddy’s fell 0.54 per cent while Bajaj Finance traded flat.
Asian peers were largely mixed ahead of the US policy meeting.
“It's a close call, but we think it’s a bit too early for FOMC tapering discussions. The Fed dots will likely show one rate hike in 2023,” foreign brokerage Nomura said.
VK Vijayakumar of Geojit Financial Services said that the US 10-year yield is hovering around a three-month low of 1.48 per cent, suggesting that the market doesn't expect any major market-moving announcement from the US central bank. The analyst was more worried over the domestic inflation print.
"Rising inflation is becoming a major concern for the market. CPI inflation print at 6.3 per cent for May indicates that inflation may overshoot RBI's target unless reversed in June and July. Rising inflation can constrain RBI's pro-growth accommodative monetary policy,” he said.
Among the buzzing stocks, Strides Pharma rose 2.4 per cent to Rs 837.25 after its Singapore-based subsidiary joined hands with US-based Ennaid Therapeutics to produce an oral medication to treat patients with mild and asymptomatic Covid-19.
JB Chemicals added 2.16 per cent to Rs 1,579.45 after the drugmaker reported a two-fold jump in consolidated net profit to Rs 100.81 crore for the quarter ended March 2021 on account of robust sales.
BSE, as a stock, rose 0.85 per cent to Rs 938.50 after Sebi said it has granted approval to BSE Administration and Supervision Ltd (BASL) for carrying out administration and supervision activities of investment advisers.
Jubilant FoodWorks, Power Finance Corporation, Whirlpool of India, LIC Housing, Easy Trip Planners and Lemon Tree among companies that will announce their March quarter earnings later in the day.
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