Indian equity indices on Wednesday were trading on a higher note as India’s April inflation data came softer than expectations, slipping to a 6-year low. The NSE Nifty 50 is up 167 points or 0.68% higher at 24,745, while the BSE Sensex is up 478 points or 0.60% higher at 81,641.
The NSE Nifty 50 opened 57 points, or 0.23%, higher at 24,636. The BSE Sensex opened 222 points, or 0.27%, higher at 81,370.
Bank Nifty opened 141 points or 0.26% higher at 55,082. The Nifty Midcap 100 advanced 238 points, or 0.43%, to open at 55,758.65.
“Nifty 50 required a 24,550-24,590 region, the recent breakout region to step in and limit further downsides. While the extent of slippage points to weakness, it is also consistent with volatility expectations. Towards this end, we expect a bounce back early in the day. However, such upswings may lose strength if unable to clear 24,660-24,726, leading to a drop again to 24,424-24,509,” said Anand James, Chief Market Strategist at Geojit Investments.
“Expect dips early in the day, with the majority of Nifty constituents closing near their respective VWAPs. However, if such dips are held above 24,810, expect a resumption of the uptrend, with an aim of 25,075-25,126. The favoured view sees a low probability of runaway moves in either direction,” James added.
Here are five key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Tata Steel, Shriram Finance, Bharti Airtel, Trent, and Hindalco. The top movers in the Nifty 50 were Infosys, L&T, Reliance Industries, M&M, and Tata Steel as soon as markets opened.
Stocks in the red
Not everything was rosy, though. The stocks that remained under pressure included Hero MotoCorp, Cipla, Tata Motors, Asian Paints, and Eicher Motors, which were among the laggards.
Global markets offer mixed signals
While Indian markets were trading higher in Wednesday’s trade, global markets were mixed. Japan’s Nikkei 225 was down 0.60%, meanwhile, other Asian indices like South Korea’s Kospi, Chinese Shanghai Composite, and others were trading higher. The US markets also closed higher as inflation in the US cooled off.
Crude oil prices drop
The crude oil prices today were trading on a lower note as the US and China agreed to lower reciprocal tariffs. The WTI Crude oil prices were 0.40% lower at $63.42 a barrel, while Brent Crude oil was trading 0.41% lower at $66.36 a barrel.
All eyes on Q4 earnings
Investors are closely tracking a string of quarterly results scheduled for today. Major names like Hindustan Aeronautics, Eicher Motors, Tata Power Company, Shree Cements, Lupin, Muthoot Finance, Torrent Power, Hitachi Energy India, Berger Paints India, Jubilant Foodworks, Apollo Tyres, Piramal Pharma, Brigade Enterprises, Apar Industries, JB Chemicals & Pharmaceuticals, and Aditya Birla Real Estate will announce their quarterly earnings scorecard on May 14.