Markets extend gains for 8th day; Nifty nears 18k, TCS Q4 in focus

Markets extend gains

Wednesday was the eighth day in a row that the benchmark indices Sensex and Nifty went up. This was due to continued foreign fund inflows and buying in IT, healthcare, and auto stocks.

The BSE Sensex went up 235.05 points, or 0.39 percent, to finish at 60,392.77. During the session, it went up 279.92 points, or 0.46 percent, to 60,437.64.

The broader NSE Nifty finished at 17,812.40, up 90.10 points, or 0.51 percent, with 38 of its scrips ending in the green.

The BSE benchmark went up 2,779.05 points, or 4.82 percent, in eight days, while the Nifty went up 860.7 points, or 5 percent.

The companies that did the best on the Sensex were Infosys, Tata Motors, HDFC Bank, Asian Paints, Tech Mahindra, HDFC, Tata Consultancy Services (TCS), Sun Pharma, and ICICI Bank.

On the other hand, PowerGrid, NTPC, Nestle, UltraTech Cement, State Bank of India, and ITC were among the companies that did not do as well.

“The domestic market was cautious because people were waiting for economic data and the Q4 earnings season to come out. Investors are optimistic about the market because of the IT sector as they wait for the earnings reports of major companies in that sector. Even though it is expected that CPI inflation will drop below the RBI’s upper tolerance level, sticky core inflation is still a worry “Vinod Nair, who is in charge of research at Geojit Financial Services, said this.

The BSE midcap index went up 0.57 percent, and the smallcap index went up 0.41 percent.

Healthcare sector indices rose 2.22 percent, IT indices rose 1.04 percent, auto indices rose 0.88 percent, tech indices rose 0.86 percent, consumer discretionary indices rose 0.74 percent, and metal indices rose 0.74 percent (0.51 per cent).

While 34 of the Nifty 50 companies got better, 16 of them got worse. Nifty Bank, on the other hand, went up by 0.46 percent and ended the day at 41,557.95.

On the Nifty, the biggest winners were Divi Laboratories, Bajaj Auto, Adani Enterprises, Eicher Motors, and Dr. Reddy. The biggest losers were Power Grid, NTPC, Nestle India, UltraTech cement, and HUL.

“Nifty stayed volatile throughout the day, but the trend was mostly up. On a daily chart, the index has stayed above the channel breakout, which is a sign of a good change. The RSI indicator of daily momentum is in a bullish crossover and going up. As long as the index stays above 17700, it will still be a good idea to buy when the market goes down. At its highest point, the rally could go as far as 17900/17970, “VP of Technical Research at Religare Broking Ltd. Ajit Mishra said. On Wednesday, the rupee ended the day at 82.09 (provisional) against the US dollar, which is 3 paise higher.

“Rupee traded in a small range between 82.00 and 82.10 as the market waits for the US CPI and India’s CPI data later in the evening, which could give rupee a strong rally going forward. The rupee didn’t change much, and neither did the dollar index or the price of crude oil. If the CPI data comes in lower than expected, it will help the rupee in the future. This is because FIIs have been buying into Indian markets, which has already helped the rupee go up. Rupee can go between 81.75 and 82.25, but it’s more likely to go above 81.75, since US CPI is expected to be 5.2% instead of 6% and India’s CPI is expected to be 5.8% instead of 6.44 “The VP Research Analyst at LKP Securities, Jateen Trivedi, said this.

Brent crude, which is used as a measure of oil prices around the world, rose 0.35 percent to USD 85.91 per barrel.

According to data from the stock exchange, Foreign Portfolio Investors (FPIs) bought more stocks worth 342.84 crore on Tuesday.

Source: Team CurrencyVeda