📷 Image Credits: Mint
The Indian equity benchmark indices, Sensex and Nifty50, surged on Wednesday, led by heavyweights. However, at the fag end of the session, the indices came off their day’s high and closed with mild gains. Sensex closed at 76,606.57, up 149.98 points, while Nifty closed at 23,322.95, up 0.25%. The Indian rupee ended flat at 83.54 per US dollar after likely RBI intervention averted a fall to an all-time low.
Globally, investors are cautiously awaiting US CPI data and the US Fed policy outcome, said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd. Asian markets traded on a mixed note, and the US stock market also ended mixed on Tuesday.
Back home, all eyes will be on the CPI inflation and factory output data to be released post-market hours today. India’s retail inflation was likely steady at 4.8% in May, compared to 4.83% the previous month, as a sequential rise in food prices was offset by low core inflation.
Indian equity benchmark indices, Sensex and Nifty50, surged on Wednesday to hit fresh highs, led by heavyweights RIL, HCL Tech, and HDFC Bank. However, at the fag end of the session, indices came off their day’s high and closed with mild gains. Power Grid, Tech Mahindra and Bajaj Finance were the top gainers, while M&M and Hindustan Unilever were the biggest laggards on the Sensex. Smallcaps and midcaps outperformed the benchmarks, with PSU Banks, media and financial services being the best gainers.
In the global scenario, European assets steadied after a previous dip due to a snap election in France. US inflation data and a Federal Reserve meeting on Wednesday are the upcoming crucial events. The Euro was steady at $1.0767, and Britain’s labor market showed signs of cooling in April, possibly allowing for a rate cut by the Bank of England in August.
Among business agreements, HCL Technologies inked a deal with Germany’s apoBank valued at $278 million for 7.5 years. TVS Supply Chain Solutions signed a strategic contract with Daimler Truck South East Asia for Integrated Supply Chain Solutions services in Singapore.
Overall, the day saw mixed trading in various Asian markets as investors awaited key economic developments such as US consumer price inflation and policy decisions. The week is marked by the US Federal Reserve policy meeting, while Indian markets saw fluctuations amidst global cues and local news.
