Bluechip stocks witnessed buying ahead of the release of IIP data for May and retail inflation for June
Indian stock markets witnessed subdued trading on Wednesday with frontline indices recording new closing all-time highs for the third session in a row. The NSE Nifty breached the 9800 mark for the first time in its run-up to 9850, to finally end at 9816.10, on the back of rally in banking, oil & gas and auto stocks. It surged 30.05 points, or 0.31%. Experts say the index is likely to cross 10000 in the medium term.
ACC Cement was up 3.22%, Infratel rose 2.71% and Ambuja Cement inched up 2.33%. India Bulls Housing Finance, HUL, ONGC, ICICI Bank, and Gail were among other Nifty gainers. However, the IT index dipped nearly 0.2%. All other sectoral indices traded in the green with PSU banking stocks taking the centrestage, amid sectoral index rising 1%.
The BSE Sensex, on the other hand, too closed at 31804.82 - a fresh high, after advancing 57.73 points, or 0.18%. However, some profit booking in recent gainers pulled the index down to a day’s low of 31731.43 points.
HUL rose 2.04%, ONGC surged 1.59% SBI climbed 1.34% and ICICI Bank gained 1.04%. Shares of Reliance Industries were up 1.06% hitting nine-year high of Rs 1,511 after its subsidiary Reliance Jio on Tuesday announced new tariff plans to retain subscribers. Power Grid, Tata Motors, Bharti Airtel, Adani Ports, NTPC, Tata Steel, Maruti, Wipro, Asian Paints and Cipla were among other Sensex gainers.
Additionally, stocks of liquor companies were back in demand after a favourable Supreme Court order. Oil marketing companies soared on the back of higher crude oil prices.
However, investors were wary as they awaited the release of a slew of domestic macro-economic data. Blue-chip stocks witnessed buying activity ahead of release of Index of Industrial Production (IIP) data for May and retail inflation for June, that propelled gains. Announcement of corporate quarterly earnings are likely to be the next determinant for market movement. The largest IT exporter TCS fell 1.29% ahead of its earnings.
BSE oil & gas index jumped the most at 1.54%, followed by PSU, banking and power. In sync with the overall trend, broader markets were seen consolidating.
Foreign portfolio investors bought shares worth a net Rs 182.05 crore while domestic institutional investors net purchased Rs 335.75 crore on Tuesday.
The global environment also buoyed sentiment as investors awaited testimony from US Federal Reserve chair Janet Yellen for more cues on the pace of interest-rate increases.
European markets witnessed shares upsurging on key indices as investors looked forward to the earnings report and monitored the latest political developments in the US.
In Asia, Hong Kong's Hang Seng moved up 0.64% while Japan's Nikkei fell 0.48%. China’s Shanghai Composite shed 0.17%.
...& ANALYSIS
- Blue-chip stocks witnessed buying activity ahead of release of IIP data for May and retail inflation for June
- Announcement of corporate quarterly earnings could be the next trigger for the market
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Additionally, stocks of liquor companies were back in demand after a favourable Supreme Court order. Oil marketing companies soared on the back of higher crude oil prices.
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