Sensex Rises Over 100 Points, Nifty Near 15,850

By Administrator_ India

Capital Sands

The Indian equity benchmarks edged higher on Wednesday led by gains in HDFC, HDFC Bank, Asian Paints, Infosys, and Tata Consultancy Services. However, the upside was capped as Reliance Industries, Hindustan Unilever, Titan, and UltraTech Cement were witnessing selling pressure. Meanwhile, Asian share markets tumbled on Wednesday as a bout of risk aversion boosted bonds and the dollar, while investors braced for minutes from the Federal Reserve’s last meeting which should underline a hawkish turn in US monetary policy.

As of 9:31 am, the Sensex was up 132 points at 52,993 and the Nifty 50 index advanced 29 points to 15,847.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.4 percent, while Japan’s Nikkei slipped 0.9 percent.

Overnight, global stocks mostly fell Tuesday along with bond yields and crude prices, as China’s latest tech crackdown and expectations of a hawkish Fed report on Wednesday waved red flags at investors. The dollar edged higher.

The tech-heavy Nasdaq Composite index withstood the stocks downdraft. After falling nearly 1 percent by mid-day, it rallied to close up 24.32 points, or 0.17 percent, at 14,663.64.

Back home, seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty index’s nearly 2 percent gain. Nifty PSU Bank, Private Bank, IT, Financial Services, and Bank indices were also trading with a positive bias.

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