Sensex Today: Benchmark indices ended with marginal gains in the volatile session on Wednesday. The S&P BSE Sensex, eventually, closed at 59,085, up 54 points or 0.09 per cent. The NSE Nifty50, meanwhile, ended 27 points, or 0.16 per cent, higher at 17,605. In the broader markets, the BSE MidCap and SmallCap indices advanced 0.7 per cent each.
Among sectors, the Nifty Media index climbed 1.7 per cent, the Nifty Realty added 1.8 per cent, and the Nifty Private Bank index gained 1.6 per cent. On the downside, the Nifty IT and Pharma slipped 0.3 per cent each.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The steady buying by FIIs even in the midst of strengthening the Dollar is significant from the market perspective. There is a near consensus now that India will be an outperformer in the deteriorating global growth environment. So, FII inflows will be more country specific rather than emerging market oriented.”
“The near-term market trend will be influenced by the observations of the Fed Chief Jerome Powell on Friday. If the Fed Chief sounds ultra-hawkish, that would be a dampener for markets. On the other hand if he sounds optimistic on the growth front and on containing inflation that would be a bullish message. Financials and capital goods continue to be investable segments. IT valuations are attractive,” Vijayakumar added.
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking, said: “On the technical front, Nifty formed a bullish candle on the daily charts that resembled closure to a piercing line formation. Higher high and higher low in weekly time frame remains perfectly in place defining that the trend to remain positive. Yesterday Nifty rebounded sharply from 17,345 levels, coinciding with the 20dma which going forward would remain a crucial support zone in the near term. On the upside, present buying momentum may escalate if Nifty provides a decisive close above the gap area of 17690-17710. Thus, during the day, Nifty is likely to open on a flat to slightly negative note however overall sentiment remains positive. Hence one can initiate buy position at lower levels of 17550-17550 for an upside target of 17800-17860.”
Global Cues
Asian stock markets slipped for an eighth straight session on Wednesday, and the dollar loomed large as fresh hawkish comments from a Federal Reserve official kept investors cautious ahead of this week’s Jackson Hole symposium.
Tokyo stocks edged higher Wednesday in cautious trading after modest falls on Wall Street, with all eyes on a meeting of central bankers in Jackson Hole, Wyoming this week. The benchmark Nikkei 225 index inched up 0.03 per cent, or 9.72 points, at 28,462.47 in early trade, while the broader Topix index gained 0.04 per cent, or 0.70 points, to 1,972.14.
Wall Street ended down on Tuesday as investors focused on data showing a slowing economy ahead of a US Federal Reserve gathering later this week in Jackson Hole, Wyoming.
Read all the Latest Business News and Breaking News here
Comments
0 comment