Easing retail and wholesale inflation and stronger Asian markets took the BSE, NSE into green on Wednesday.
The BSE and National Stock Exchange trimmed their losses and were trading in the green in early trade on Wednesday, tracking positive cues from the global markets.
After dropping over 500 points at close, the 30-share BSE Sensex was trading at 26,508.94, up 204.31 points or 0.78% from previous close. The broader NSE Nifty index was trading at 8205.65, up 97.20 or 1.20% from previous day's close.
With this, the BSE and NSE snapped their near week-long losing streak as Asian markets recovered on Wednesday, tracking a gain on the Wall Street. Since last week, BSE and NSE were mired with weak investor sentiment after the government's move to demonetize Rs 500 and Rs 1,000 discouraged buying behaviour in an already cautious environment after Donald Trump was chosen as the President Elect of the US.
On Wednesday, however, "MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% in early trade on Wednesday, bouncing back from a four-month low touched the previous day. Asian shares won the reprieve from a rally in Wall Street shares as the sell-off in global bonds and sharp gains in the dollar paused for now. Japan's Nikkei rose 1.0% to nine-month high thanks to the fall in the yen against the dollar. On Wall Street, the Dow Jones industrial average rose 0.29% to a record high while the S&P 500 gained 0.75%," a Reuters report said.
On the home front, wholesale prices-led inflation fell to 3.39% in October from 3.57% in September led by easing food prices. Consumer prices-led inflation fell to a 14-month low at 4.20% in the month from 4.39% in September.
On the BSE, the top gainers were, Repco Home Finance 5.74%, Tata Global Beverages 4.27%, Shriram City Union Finance 3.98%, Finolex Cables 4.14%. The top losers were P C Jewellers 4.47%, Aurobindo Pharma 4.22%, Page Industries 3.27%, Manappuram Finance 2%.
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