Sensex jumps 100 points; Sun Pharma, TCS top gainers; Fed meet outcome eyed
Anand James, Chief Market Strategist, Geojit Financial Services
Amidst a global cautiousness ahead of key central bank outcomes, Indian markets found positivity in rising factory growth. The uptick in CPI along with firm IIP numbers, however has raised the potential for RBI turning hawkish in the next meeting, and to that end, the progress of monsoon would be crucial.
Markets At Close
The Sensex and Nifty pared some intraday gains, but settled higher. The Sensex closed at 35,739.16, up 46 points, while the broader Nifty ended at 10,856, up 13.85 points. Gains in index heavyweights such as TCS and Dr Reddy's and solid monthly industrial growth data boosted market sentiment.
Asian shares edged slightly lower on Wednesday as investors looked to the Federal Reserve policy decision and any clues it might give on future rate hikes, shifting focus away from the historic U.S.-North Korea summit in Singapore. MSCI`s broadest index of Asia-Pacific shares outside Japan dipped 0.15 percent in early trade, giving up the slim gains they made following Tuesday`s meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un. Japan`s Nikkei eked out gains of 0.10 percent.
1) Reliance Industries (Buy)
Target: Rs 1015
Stoploss: Rs 992
- The company bought 73 per cent stake in AI firm Embibe
- AI: Artificial Intelligence
- RIL RIL to invest Rs 18 crore in next three years
Markets On Tuesday
Global cues and expectations of a healthy macro-economic industrial production data aided the key Indian equity indices to close Tuesday`s trade session on a positive note. In terms of global cues, market analysts cited the historic meet between US President Donald Trump and North Korean leader Kim Jong-un as a major sentiment booster for investors.
In addition, expectations of a healthy industrial production data for April also enhanced investors` risk-taking appetite and led to a pick-up in healthcare, capital goods and banking stocks.
The Sensex touched a high of 35,743.08 points and a low of 35,479.07 points during the intra-day trade. The BSE market breadth was bullish with 1,440 advances and 1,224 declines.