The headline indices Sensex and Nifty ended higher for the 4th straight session on Wednesday, led by a rally in finance and energy stocks amid mixed global cues.
The headline indices Sensex and Nifty ended higher for the 4th straight session on Wednesday, led by a rally in finance and energy stocks amid mixed global cues. In the volatile session, the 30-share Sensex ended 92.90 points higher at 38,598.99. The Sensex hit an intra-day high of 38,666.38 and a low of 38,416.67. The broader Nifty rose 35.70 points, or 0.31 per cent, to settle at 11,464. The top gainers in the Sensex pack included Bajaj Finance, ONGC, Yes Bank, HDFC, HCL Tech, Tech Mahindra, TCS, ICICI Bank and RIL, closing up to 3.57 per cent higher. On the other hand, Hero MotoCorp, Vedanta, Asian Paints, NTPC, ITC, PowerGrid, SBI and Tata Motors ended up to 2.73 per cent lower.
Taking stock of today’s trade, Ajit Mishra Vice President, Research, Religare Broking said that the broader markets underperformed with both BSE Midcap and Smallcap index ending on a flat note. “The earnings season is likely to gain momentum as some of the front liners would be declaring their results in the next few days. We expect that investors and traders would focus more on the management outlook especially for consumption driven companies. Further, market participants would keep a close watch on trade talk developments between US and China, currency and crude oil price movement,” he said.
According to Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities, the market has formed a “Hanging Man formation” at the top the current up move. “It would result in short term weakness, If Nifty fails to break above 11,490 and breaks below 11410 which is lowest level for the day. On the dismissal of highest point of the said formation at 11490, Nifty would rally to 11550/11600,” he explained. Tomorrow, it could be one more volatile day for the market and we need to focus on strong companies to reduce risk that arises out of volatility, he added. Meanwhile, the Indian rupee appreciated 17 paise to 71.37 against the US dollar intra-day.