Mumbai (Maharashtra) [India], January 15 (ANI): The Indian stock market continued its upward motion on Wednesday as each indices opened with marginal good points.
The Nifty index surged by 74.40 factors, or 0.32 p.c, to open at 23,250.45 factors, whereas the BSE Sensex index opened at 76,900.14 factors, gaining 400.51 factors or 0.52 p.c.
Experts famous that promoting by international buyers is predicted to proceed, and any readability will come solely after the Trump inauguration on January 20.
“There are reports that Trump will begin with low tariff hikes putting pressure on major exporters to the US, even while leaving room for negotiations. If this scenario plays out, a further rise in the dollar and US bond yields will be arrested. Till then, the FII selling will continue, preempting any rally in the market. The market will witness lots of stock-specific action in response to the Q3 results” stated V Okay Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In the sectoral indices, Nifty FMCG, Nifty Pharma, and Nifty PSU Bank opened with a marginal decline, whereas different indices, together with Nifty IT, Media, Metal, Realty, Bank, and Auto, gained within the opening session.
In the Nifty 50 record, 29 shares opened with good points, whereas 20 shares declined within the opening session. The prime openers included Tech Mahindra and Tata Steel.
For Q3 earnings, HDFC Life Insurance Company, Oracle Financial Services Software, LT Technology Services, Bank of Maharashtra, PunjabSind Bank, amongst others, are set to announce their monetary efficiency as we speak.
“The nifty’s bounce yesterday has created a “bullish harami” formation given the Monday drop which is similar to what was seen on January 7 and means that bulls have to push the index through 23340 for a larger advance. The 17th to 23rd January time window is nearing, so support in the 22830 – 23000 area and resistance in the 23355 – 23470 zone will be watched closely. Any extension of yesterday’s rebound needs to hold the Monday low of 23047″ stated Akshay Chinchalkar, Head of Research, Axis Securities.
In different Asian markets on Wednesday, Japan’s Nikkei 225 index surged by 0.40 p.c, Hong Kong’s Hang Seng index rose by 0.22 p.c, and South Korea’s KOSPI gained by 0.22 p.c. However, Taiwan Weighted and Singapore’s Straits Times declined on the time of submitting this report. (ANI)