After Witnessing Volatility, Indian Stocks Ended Up Higher For Second Consecutive Session
The BSE Sensex gained 92 points or 0.14 per cent to settle at 66,023, while the NSE Nifty rose 45 points or 0.23 per cent to end at 19,886.
From Sensex pack, Infosys, NTPC, Power Grid, and Titan closed higher, while IndusInd Bank, Kotak Bank, JSW Steel, M&M, and HDFC Bank ended lower. Sector-wise, Nifty IT advanced 0.74 per cent, led by Persistent Systems, Infosys and Tech Mahindra. Nifty Pharma and Nifty FMCG also ended higher. Whereas, Nifty Bank and Nifty Financial Services fell 0.55 per cent and 0.23 per cent, respectively.
In the broader market, Nifty Midcap100 gained 0.34 per cent, while Smallcap100 fell 1.2 per cent. The market breadth was skewed in the favour of the bears. About 1,620 stocks gained, 2,068 declined and 142 remained unchanged on the BSE.
Global Markets –
Shares slipped in Asia on Wednesday, tracking a decline on Wall Street a day after stocks there hit their highest level since the start of August. Tokyo's Nikkei 225 edged 0.3 per cent higher to 33,451 and the Kospi in Seoul edged 0.1 per cent higher, to 2,511.
European shares climbed to a two-month high on Wednesday, led by real estate stocks, with software firm Sage jumping to a record high following a strong annual operating profit and share buyback plan. The pan-European STOXX 600 was up 0.2 per cent, while real estate stocks led sectoral gains, rising 1.1 per cent.
Oil Prices Fall - Oil prices slipped slightly on Wednesday in quiet pre-US Thanksgiving holiday trading, as the market awaited news on output cuts
from the OPEC+ producers group and looked for confirmation of a sharp build-up in US crude stocks. Brent crude futures fell 52 cents to USD 81.93 a barrel. US West Texas Intermediate crude futures were down 49 cents to USD 77.28. Rupee Ends Slightly Higher - The Indian rupee ended slightly higher on Wednesday aided by IPO-related inflows but importers' US dollar demand capped gains. The rupee closed at 83.32 against the U.S. dollar, marginally stronger than its close at 83.3550 in the previous session.
FII and FPIs, on Wednesday, saw a net sales of Rs.306.56 crore in the cash segment. A total of Rs 8,418.29 crore was sold against a total purchase of Rs 8,111.73 crore. Domestic institutional investors saw a net purchase of Rs 721.24 crore in the cash segment. A total of Rs 6,028.18 crore was sold against a total purchase of Rs 6,749.42 crore.
Meanwhile, Despite the Fed adopting a cautious stance in its minutes and refraining from indicating a rate cut, the market recovered from the day’s correction and ended with mild gains.
On the other hand, the broad market witnessed some profit booking as investors’ focus shifted to the primary market, marked by a set of IPOs scheduled for this week. However, the undercurrent is positive, with a cooling of inflation and an easing US bond yield supporting a short- to medium-term rally.
Technically, the important key resistances placed in October Nifty future are at 19,886 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19,909 – 20,008 levels. Immediate support is placed at 19,808 – 19,676 levels.
