ReutersRelated
NEW DELHI: Buying continued on Dalal Street on Wednesday driven by firm global cues, taking benchmark indices higher. Stocks from auto, bank and media sectors were some of the biggest gainers.
Even though there are some risks like rising crude oil prices and surging greenback, investors have been able to find a silver lining in these. Ahead of Q1 earnings season, indices have hit their all-time highs.
“Oil prices slipped on Tuesday driven by profit taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand. Immediate support and resistance for Nifty50 are seen at 15,600 and 15,900 respectively,” said Mohit Jain, Head, PMS - Hem Securities.
How are the bluechips doing?
After opening in the red, benchmark indices gained to cross over the flatline. At 9.28 am, BSE flagship Sensex was up 85 points or 0.16 per cent to 52,946. NSE benchmark Nifty gained 24 points or 0.15 per cent to 15,842.
In the 50-share pack Nifty, was the biggest gainer, up 1.92 per cent. HDFC, , Eicher Motors, Power Grid, Bajaj Finserv, Bharti Airtel, JSW Steel and Maruti Suzuki were among other gainers.
Titan was the top loser in the pack, down 2.23 per cent. ONGC, , M&M, HUL, UltraTech Cement, Divi’s Labs, Hero MotoCorp, Cipla, BPCL and Grasim were other losers in the pack.
FACTORS DRIVING MARKETS
Good news
Yields drop further: Benchmark 10-year Treasury yields dropped to their lowest in more than four months after data suggested the US economy might not be as hot as some fear.
Fed minutes: Minutes of the Fed's June policy meeting due later on Wednesday might show how serious members were about tapering their asset buying and how early the hikes could begin.
Bad News
Dollar rallies: Expectations of a hawkish tone helped the dollar rally against a basket of currencies to 92.543, up from a low of 92.003 on Tuesday. The euro dropped back to $1.1823, near its lowest since March, while commodity-linked currencies slipped.
Broader markets
Broader market indices were trading higher, outperforming their headline peers in morning trade. Nifty Smallcap was up 0.30 per cent, while Nifty Midcap advanced 0.27 per cent. Broadest index on NSE, Nifty 500 was up 0.15 per cent.
Dhani Services, Bharat Forge, Deepak Nitrite, Route Mobile, VIP Industries and HEG were gainers from the space, while Trident, CAMS, JK Lakshmi Cement, Adani Total Gas, Dixon Tech and Ajanta Pharma were under selling pressure.
Global markets
Hong Kong stocks shed another 1 per cent to near six-month lows, while US-listed ride-hailing company Didi Global Inc shed more than 20 per cent in New York. Alibaba Group MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.4 per cent, while Japan's Nikkei slipped 0.9 per cent.
Going the other way, Australian stocks managed to firm 0.6 per cent and Chinese blue chips added 0.2 per cent. Nasdaq futures and S&P 500 futures were both holding steady for the moment.
Even though there are some risks like rising crude oil prices and surging greenback, investors have been able to find a silver lining in these. Ahead of Q1 earnings season, indices have hit their all-time highs.
“Oil prices slipped on Tuesday driven by profit taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand. Immediate support and resistance for Nifty50 are seen at 15,600 and 15,900 respectively,” said Mohit Jain, Head, PMS - Hem Securities.
Did you Know?
Stock score of Tata Motors Ltd moved up by 1 in a week on a 10-point scale.
View Latest Stock Report »How are the bluechips doing?
After opening in the red, benchmark indices gained to cross over the flatline. At 9.28 am, BSE flagship Sensex was up 85 points or 0.16 per cent to 52,946. NSE benchmark Nifty gained 24 points or 0.15 per cent to 15,842.
In the 50-share pack Nifty, was the biggest gainer, up 1.92 per cent. HDFC, , Eicher Motors, Power Grid, Bajaj Finserv, Bharti Airtel, JSW Steel and Maruti Suzuki were among other gainers.
Titan was the top loser in the pack, down 2.23 per cent. ONGC, , M&M, HUL, UltraTech Cement, Divi’s Labs, Hero MotoCorp, Cipla, BPCL and Grasim were other losers in the pack.
FACTORS DRIVING MARKETS
Good news
Yields drop further: Benchmark 10-year Treasury yields dropped to their lowest in more than four months after data suggested the US economy might not be as hot as some fear.
Fed minutes: Minutes of the Fed's June policy meeting due later on Wednesday might show how serious members were about tapering their asset buying and how early the hikes could begin.
Bad News
Dollar rallies: Expectations of a hawkish tone helped the dollar rally against a basket of currencies to 92.543, up from a low of 92.003 on Tuesday. The euro dropped back to $1.1823, near its lowest since March, while commodity-linked currencies slipped.
Broader markets
Broader market indices were trading higher, outperforming their headline peers in morning trade. Nifty Smallcap was up 0.30 per cent, while Nifty Midcap advanced 0.27 per cent. Broadest index on NSE, Nifty 500 was up 0.15 per cent.
Dhani Services, Bharat Forge, Deepak Nitrite, Route Mobile, VIP Industries and HEG were gainers from the space, while Trident, CAMS, JK Lakshmi Cement, Adani Total Gas, Dixon Tech and Ajanta Pharma were under selling pressure.
Global markets
Hong Kong stocks shed another 1 per cent to near six-month lows, while US-listed ride-hailing company Didi Global Inc shed more than 20 per cent in New York. Alibaba Group MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.4 per cent, while Japan's Nikkei slipped 0.9 per cent.
Going the other way, Australian stocks managed to firm 0.6 per cent and Chinese blue chips added 0.2 per cent. Nasdaq futures and S&P 500 futures were both holding steady for the moment.
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