Following a multi-year low in retail prices and a reduction in geopolitical tensions, the Indian frontline indices opened Wednesday higher.
At approximately 9:25 a.m., the Nifty was up 136 points, or 0.51%, at 24,712 and the Sensex was up 414 points, or 0.51%, at 81,562.
Both small- and mid-cap equities saw buying. Both the Nifty smallcap 100 index and the Nifty midcap 100 index were up 132 points, or 0.78 percent, at 17,035 and 56,030, respectively, up 510 points and 0.92 percent.
Every index was trading higher on the sectoral front. PSE, FMCG, metal, energy, PSU bank, IT, auto, and infrastructure were all big winners.
Following a strong start, the Nifty can find support at 24,500, 24,400, and 24,300. On the higher side, 24,700 may act as an instant resistance, followed by 24,800 and 24,850, according to Choice Broking’s Hardik Matalia.
The following companies saw significant gains in the Sensex pack: Tata Steel, Bharti Airtel, Tech Mahindra, Infosys, Eternal, HCL Tech, M&M, Bajaj Finserv, L&T, TCS, SBI, and NTPC. However, Kotak Mahindra Bank, Tata Motors, Asian Paints, IndusInd Bank, HUL, and Nestle suffered significant losses.
Previously, India’s retail inflation dropped to its lowest level since July 2019 in April, from 3.34 percent in March to 3.16 percent.
“We expect the RBI to cut rates aggressively given the sharp decline in crude oil prices, the softening of domestic demand, and the containment of food prices,” stated Devarsh Vakil, Head of Prime Research at HDFC Securities.
There was a mixed trading environment on the Asian stock markets. Japan and Bangkok were in the red, while Hong Kong, Shanghai, Seoul, and Jakarta were in the green.
On Tuesday, the US markets ended the day in a mixed zone. Following lower-than-expected inflation data, the main index Dow Jones finished lower, while the technology index Nasdaq closed higher for a second day in a row.
On May 13, domestic institutional investors (DIIs) increased their purchases by purchasing Rs 4,273 crore worth of stocks on the same day that foreign institutional investors (FIIs) sold stocks worth Rs 476 crore.
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