Domestic indices ended Wednesday’s session broadly in green. The NSE Nifty 50 settled above 17550, BSE Sensex above 59650 and Bank Nifty just around 41000. The top gainers on the Nifty 50 were Larsen & Toubro, HDFC, HDFC Bank, ITC and Hindustan Unilever while the losers were Eicher Motors, Mahindra & Mahindra, IndusInd Bank, NTPC and Adani Enterprises. “Markets have entered the Q4 earning season and are taking optimistic business updates from top companies as support and giving confidence to markets to trade higher. The global scenario is almost behind us post banking crisis US FED is also talking soft lines on hiking interest rates after the report states lower PMI data and a drop in US Job data. As a result, Asian markets, especially Indian markets are trading in green zones. Better than expected domestic auto sales, FII turning positive, strong GST collections during the month of March 2023 and 3 Month high PMI data would act as positive for the market. The market is also expecting healthy comments from the RBI committee on Inflationary action for further rate hike decisions. Technically 200 DMA (17490) acts as a support for markets and an uptrend can be seen up till 17600-17700,” said Prashanth Tapse, Sr. VP Research Mehta Equities Ltd.
Indian stock market
The NSE Nifty 50 rose 159 pts or 0.91% to 17,557.05 and BSE Sensex surged 582.87 pts or 0.99% to 59,689.31. In sectoral indices, Bank Nifty climbed 196.50 pts or 0.48% to 41,009.55, Nifty IT surged 1.20%, Nifty Auto fell 0.55%, Nifty PSU Bank was down 0.79%, Nifty FMCG skyrocketed 1.36% and Nifty Financial Services rose 1.14%.
Asian Markets
Asian markets closed mostly in red with Japan’s Nikkei 225 falling 1.68%, Asia Dow dropping 1.01% while South Korea’s KOSPI rose 0.59%. China’s Shanghai Composite and Hong Kong’s Hang Seng remained closed on Wednesday.
US Markets
The US market ended the overnight session in red – Dow Jones Industrial Average fell 0.59%, S&P 500 plunged 0.58% and the tech-heavy Nasdaq tumbled 0.52%.
Rupee movement
The Indian rupee appreciated 0.40% to 82 against the US dollar at 3:15 PM (IST).
Gold, Silver
Gold futures for June delivery were down 47 points or 0.08% at Rs 60,907 at 3:20 PM (IST) while Silver futures on the multi-commodity exchange for May delivery were trading at Rs 74,447, down 171 pts or 0.23%.
Crude oil
WTI Crude futures for May delivery were down 0.24% at $80.52 while Brent Crude futures for May delivery were trading 0.05% lower at $84.90 at 3:20 PM (IST).