Sensex Today: Equities turned lower in the fag-end of the session with the S&P BSE Sensex falling 152 points, or 0.25 per cent, to 61,033. The Nifty50, meanwhile, shut shop at 18,157, down 46 points or 0.25 per cent. Both the indices had hit an intra-day high of 61,447, and 18,296, respectively.
In the broader markets, the BSE MidCap, and the BSE SmallCap indices slipped 0.5 per cent, and 0.3 per cent, respectively.
Sectorally, all indices, except bankin stocks were in the red. The Nifty PSU Bank index surged nearly 4 per cent, while the Nifty Bank added 0.25 per cent. The Nifty Realty index was the worst hit, down 1.4 per cent.
“The strong momentum and favourable sentiments in the market can take the Nifty to record highs soon. The favourable tailwind from the mother market US and the sustained FII buying are strong positives. If the US CPI numbers due tomorrow indicate moderation in inflation, that would be a powerful trigger to push the market higher,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.“Since India is the best performing large market in the world this year, FIIs can’t afford to miss the rally. This is the reason why FIIs have been sustained buyers during the last 8 trading sessions with a total buy figure of Rs 16670 crores. The dip in the dollar index below 110 will nudge FIIs to buy more,” Vijayakumar added.
Global Cues
Asian shares rose and the dollar wobbled on Wednesday as investors awaited US inflation data as well as the results of the US midterm elections that could signify a power shift in Washington.
Tokyo stocks opened higher on Wednesday with investors encouraged to buy after rallies on Wall Street as the US midterm elections dominate attention. The benchmark Nikkei 225 index was up 0.15 per cent, or 41.56 points, at 27,913.67, while the broader Topix index added 0.05 per cent, or 1.00 points, to 1,958.56.
Wall Street ended higher on Tuesday during voting in midterm elections that will determine control of the US Congress, with investors betting on a political stalemate that could prevent major policy changes.
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