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Sensex rises over 200 points, Nifty tops 22,400

In line with optimistic trends seen in global markets, benchmark indices in India commenced Wednesday’s trading session on a positive trajectory. The Sensex initiated the day’s trading with a notable gap, surging over 200 points to reach 73,958.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: April 24, 2024 10:03 IST
BSE
Image Source : FILE Business stock exchange building.

Indian equity benchmark indices, BSE Sensex and Nifty50, began the trading session in green territory on Wednesday, with the BSE Sensex surging 200 points and briefly crossing the 74,000 mark, while Nifty50 remained above 22,400. At 9:28 AM, BSE Sensex was trading at 73,928.51, up by 190 points or 0.26%, while Nifty50 stood at 22,415.75, up 48 points or 0.21%. Despite concerns over valuations, Indian stock markets exhibited positive momentum on Tuesday, with the broader market performing well.

Focus on earnings reports

Investors are closely watching earnings reports from key companies this week. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, anticipates the market to sustain its positive trend alongside stock-specific action. Nagaraj Shetti of HDFC Securities suggests that the near-term uptrend of Nifty remains intact, indicating potential buying opportunities during consolidation or minor dips.

Global market trends

In the United States, stocks closed higher on Tuesday, driven by positive earnings from top-tier companies. Asian shares also saw gains, with Japan’s Topix rising 1% and Australia’s S&P/ASX 200 gaining 0.4%. Hang Seng futures in Hong Kong increased by 0.3%.

Oil prices rise

Oil prices climbed in early trade on Wednesday, extending gains from the previous session, following a surprise drop in U.S. crude stocks last week, signaling positive demand.

Currency movement and F&O segment

The dollar faced challenges after significant declines against the euro and sterling. Hindustan Copper, Vodafone Idea, and ZEE are in the ban period under the F&O segment.

Investor activity

Foreign portfolio investors (FPIs) were net sellers for the second consecutive day, while domestic institutional investors (DIIs) bought shares. The rupee strengthened by 5 paise against the US dollar on Tuesday.

Upcoming corporate earnings

Several companies, including HUL, LTIMindtree, Indian Hotels, and Axis Bank, are set to announce their fourth-quarter earnings on Wednesday, contributing to market sentiment and direction.

Also read | RBI April's Bulletin claims extreme weather may pose risk to inflation across country

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