Mumbai, Oct 13 : India’s key equity indices — S&P BSE Sensex and NSE Nifty50 — closed in the green on Wednesday.
In the day’s trade, both the equity indices had a gap up opening before gradually rising through the session with minimal corrections.
Accordingly, the two indices closed Higher for the fifth consecutive session on Wednesday.In the process, the Sensex made a record intra-day high of 60,836.63 points, while Nifty touched 18,197.80 points.In fact, Nifty closed above the 18,000-point mark for the first time ever on Wednesday.
In terms of global markets, Asian Stocks were mixed as traders weighed the impact of elevated inflation on the economic recovery and looked ahead to earnings reports.
Similarly, European Stocks and US equity futures bounced before inflation data out of the US along with earnings reports that will measure corporate health in an era of rising costs.
On the domestic front, power, metals, consumer durables, capital goods, automobiles and IT were the main gainers, whereas the realty index ended marginally in the red.
The 30-scrip S&P BSE Sensex ended the day’s trade at 60,737.05 points, up 452.74 points or 0.75 per cent from its previous close.The NSE Nifty50 closed at 18,161.75 points, up by 169.80 points or 0.94 per cent from its previous close.
“Nifty continues the move up unabatedly, closing above the 18,000-mark.The advance decline ratio ended marginally in the positive,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“Technical indicators on the daily charts are close to becoming overbought and hence some correction or consolidation in the index may be seen over the next 1 or 2 sessions,” he added.
According to Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services: “Domestic markets opened gap up and scaled to new highs as India’s retail inflation eased again in September, falling to a five-month low of 4.35 per cent, while the IIP data for August rose to 11.9 per cent.
“Further, IMF’s GDP forecast, which pegs India’s growth at 9.5 per cent in 2021 and at 8.5 per cent in 2022, further supported the market bulls.The benchmark indices closed a per cent Higher, thus maintaining the momentum.”
Vinod Nair, Head of Research at Geojit Financial Services, said: “The mood of the global market is muted by inflation fears and high bond yields ahead of the release of US inflation data.However, the Indian market is robust due to the festival season.
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