Indian Shares Rise On Financial Rebound, Eyes On Central Bank Moves
Dear Trader…
Tracking positive cues from Asian and European peers, domestic equity indices ended higher on Wednesday led by buying in banking, financial and IT stocks. Further, a sharp decline in crude oil prices also boosted sentiments, even as investors awaited two key central bank events.
The 30-share BSE benchmark Sensex advanced 213 points or 0.33 per cent to settle at 65,433. The broader NSE Nifty surged 46 points or 0.24 per cent to end at 19,431.
From the Sensex pack, SBI, ICICI Bank L&T were the top gainers, rising over 1 per cent each. Tata Steel, Maruti, Kotak Bank, Bajaj Finance, and Nestle also ended with gains.
On the other hand, Jio Financial Services hit a 5 per cent lower circuit for the 3rd straight day. Sun Pharma, Bharti Airtel, Tata Motors, Tech Mahindra, and ITC also closed with cuts.
The domestically focussed mid-caps and small-caps gained 0.39 per cent and 0.91 per cent, hitting fresh record and 19-month highs, respectively.
Meanwhile, the market capitalisation of all listed companies on BSE increased Rs 63,514 crore to Rs 309 lakh crore. The market breadth was skewed in favour of the bulls. About 2014 stocks gained, 1616 declined, and 153 remained unchanged on the BSE.
FII and FPIs, on Wednesday saw a net purchase of Rs.614.32 crore in the cash segment. A total of Rs.8805.05 crore was sales against a total purchase of Rs.9419.37 crore. Domestic institutional investors saw a net purchase of Rs.125.03 crore in the cash segment. A total of Rs.7103.74 crore was sales against a total purchase of Rs 7228.77 crore.
Meanwhile, Global markets have restrained from making significant moves as they await the outcome of the central bankers' gathering at Jackson Hole scheduled for Friday.
With the earnings season nearing its end, the heightened possibility of another rate hike in the US, along with the resultant increase in bond yields, are expected to keep the global market’s volatility high. On the domestic front, sentiments remained positive, backed by strong demand in the banking sector.
Technically, the important key resistances are placed in August Nifty future are at 19431 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 19474 – 19575 levels. Immediate support is placed at 19303 – 19272 levels.
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