Indian Equities Rise on Global Peers' Confidence Boost
Dear Trader –
The rally was led by the index heavyweight Reliance Industries, HDFC Bank, and ITC. The BSE benchmark Sensex advanced 394 points or 0.6% to settle at 66,473. The broader NSE Nifty advanced 114 points or 0.58% to end at 19,851.80
Meanwhile, the market capitalisation of all listed companies on the BSE increased by Rs 1.9 lakh crore to Rs 321.61 lakh crore.
From the Sensex pack, Wipro and UltraTech Cement were the top gainers, rising 3.4% and 2.1%, respectively. Reliance Industries, HUL, Nestle, and M&M also closed higher. On the other hand, HCL Tech, TCS, SBI, and Infosys closed in the red.
Sector-wise, Nifty Media rose 0.86%, and Nifty Realty surged 0.84%. Banks, auto, financial, FMCG, metal and pharma sectors also closed higher. Whereas, Nifty Midcap100 gained 0.5% and Smallcap100 advanced 0.84%.
The market breadth was skewed in the favour of the bulls. About 2,320 stocks gained, 1,379 declined, and 123 remained unchanged on the BSE.
FII and FPIs, on Wednesday saw a net sales of Rs.421.77 crore in the cash segment. A total of Rs.12948.71 crore was sales against a total purchase of Rs.12526.94 crore. Domestic institutional investors saw a net purchase of Rs.1032.02 crore in the cash segment. A total of Rs.7337.46 crore was sales against a total purchase of Rs.8369.48 crore.
Meanwhile, The market breadth was strong, as investors believe that the Middle East skirmish will be contained within the region and should not impact the crude price.
Amid dovish comments from the US federal reserve, the US 10-year bond yield traded lower. Sequentially, the September India CPI is expected to cool due to ease in food and fuel inflation. And Q2 earning season will kick-start with the IT sector, which has a moderate expectation, however the broad corporates are expected to provide a bumper result.
Technically, the important key resistances are placed in October Nifty future are at 19851 levels, which could offer for 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 19880 – 20008 levels. Immediate support is placed at 19737 – 19676 levels.
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