Gains on the 30-share Sensex were led by HCL Technologies, Infosys, Tata Consultancy Services, Hindustan Unilever and Sun Pharma, which rose between 1.5% and 4%.IT stocks performed better overall, with the sector up 3% and Infosys up 3.7% after the company announced that its Rs 18,000 crore share buyback will start on Thursday.
Outside the blue chips, midcaps rose 0.2% while smallcaps fell 0.4%, underlining a more cautious tone in the broader market.
Expert views
The Sensex and Nifty indices staged a strong recovery on renewed optimism over an India-US trade deal following encouraging comments from the Union Commerce Minister, said Vinod Nair, head of research at Geojit Investments. “Large caps led gains and outperformed the broader market. The IT sector rallied on renewed Fed rate cut hopes, supported by soft US labor data and currency tailwinds, while PSU banks gained on merger-related news and improving fundamentals. Attention now turns to tomorrow’s FOMC minutes for further policy signals,” Nair said.
Global markets
Global stocks extended their decline for a fifth straight session on Wednesday, pressured by a fresh wave of selling linked to concerns about artificial intelligence overvaluations. Investors remained cautious ahead of what could be crucial gains from Nvidia and a set of US labor market data due later this week.
The tech-heavy Nasdaq fell 1.2% overnight, its second straight decline, and has now retreated more than 6% from its late October high. In early European trading, futures on the S&P 500 and Nasdaq 100 were little changed.
Europe’s STOXX 600 fell 0.2%, leaving it 4% lower than record highs less than a week ago. In Asia, Japan’s Nikkei was 0.34% lower, widening losses in November to around 7% in US dollar terms.
The MSCI All-Country World Index fell another 0.1%, marking its longest daily losing streak since August.
In the commodities sector, gold has also cooled after hitting a record high along with stocks in October. The metal was last up 0.4% at $4,080 an ounce.
Rough impact
Oil prices fell on Wednesday after industry data pointed to another surge in US crude inventories, raising concerns that supply continues to outpace demand. However, losses were tempered by a tighter fuel market due to continued attacks on Russia’s energy infrastructure.
Brent crude futures fell 44 cents, or 0.68%, to $64.45 a barrel by 0923 GMT, after rising 1.1% in the previous session.
Also read | What happened and what does it mean for investors in the short-selling trap of Groww’s near-multibagger wave?
Rupee vs dollar
The Indian rupee rose two paise to 88.58 against the US dollar on Wednesday, supported by gains in local equities and softer crude oil prices abroad.
The dollar index, which measures the greenback against a basket of six major currencies, was last up 0.18% at 99.63.
(with input from agencies)
#Market #Wrap #Sensex #rises #points #Nifty #claims #points #DSt #shakes #early #weakness #strength