Sensex Rebounds 149 Points Before RBI Policy
Dear Trader…
After trading downward throughout the day, the 30-share BSE benchmark Sensex recovered 550 pts from the day’s low to end 149 points or 0.23 per cent higher at 65,996 in the last leg of trade on Wednesday.
Ahead of US inflation data and the Reserve Bank of India's (RBI’s) policy decision due on Thursday, the broader Nifty future rose 78 points or 0.40 per cent to end at 19,689.
From the Sensex pack, JSW Steel, Tata Motors, and M&M were the top gainers, rising 2-3%. Tata Steel, Titan, ITC, Tech Mahindra, and NTPC also ended higher. On the flip side, Bajaj Finance, Maruti, ICICI Bank, Asian Paints, and Axis Bank closed in the red.
Sector-wise, auto, FMCG, IT, media, metal, and pharma closed higher, while bank, financials, and realty closed lower. In the broader market, Nifty Midcap100 gained 0.33 per cent, and Smallcap100 rose 0.59 per cent.
The market breadth was skewed in favour of the bulls. About 2,027 stocks gained, 1,560 declined, and 156 remained unchanged on the BSE.
FII and FPIs, on Wednesday, saw a net purchase of Rs 644.11 crore in the cash segment. A total of Rs 8698.36 crore was sold against a total purchase of Rs 9342.47 crore. Domestic institutional investors saw a net sales of Rs 597.88 crore in the cash segment. A total of Rs 8639.42 crore was sales against a total purchase of Rs 8041.44 crore.
Meanwhile, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy would not impact domestic economic growth.
The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid and small-sized banks affected the market sentiment.
Technically, the important key resistances are placed in August Nifty future are at 19689.60 levels, which could offer for the market. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19707 – 19808 levels. Immediate support is placed at 19606 – 19570 levels.
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