Mumbai: Sensex US stocks added 1,016 points on Wednesday on fears of a strong rally omicron Variant denting global economic recovery has slowed. day’s profit was also helped by reserve Bank of IndiaStatus quo on rates, said market players.
In the two sessions, the index has added 1,903 points and has recovered more than the total loss of 1,714 points recorded in the previous two sessions. during the day, led Infosys, ICICI Bank and HDFC Bank, Sensex closed 1.8% higher at 58,650. As in the past few sessions, Wednesday’s profit stood at Rs 579 crore despite strong selling by foreign funds, BSE data showed. The data showed that investors’ wealth added nearly Rs 4 lakh crore in the day’s profit with the BSE’s market capitalization exceeding Rs 267 lakh crore.
During the day, the RBI continued its accommodative stance keeping interest rates unchanged, which is expected to support economic growth. According to Naveen Kulkarni, Chief Investment Officer, Axis Securities, RBI is instrumental in bringing economic growth back on track as it continues with soft interest rate regime and calibrated liquidity position in the system. “We believe that the RBI is giving growth priority along with tracking inflation, will keep interest rates gradually tightening and the Budget in February will be a key trigger for the markets.”
Auto, IT and consumer goods stocks saw gains in the day’s session. Of the 30 Sensex stocks, 28 closed higher. BSE data shows that in the broader market, however, the advance-decline ratio was less skewed with 980 laggards with 2,313 gainers.
After two consecutive sessions of strong gains, market players are now confident that some profit-booking may be witnessed on Thursday. A less-volatile session on Dalal Street could also be supported by the flat trading session seen in the US market mid-session.
The rupee on Wednesday plunged to a two-month low of 75.5 against the dollar as the RBI’s monetary policy decision failed to enthuse forex market participants. K Dilip Parmar said, “The rupee has reacted slightly negatively. RBI has maintained a lenient stance even after the global central banks gradually withdrawing the slack monetary policy.” HDFC Securities, said.
In the two sessions, the index has added 1,903 points and has recovered more than the total loss of 1,714 points recorded in the previous two sessions. during the day, led Infosys, ICICI Bank and HDFC Bank, Sensex closed 1.8% higher at 58,650. As in the past few sessions, Wednesday’s profit stood at Rs 579 crore despite strong selling by foreign funds, BSE data showed. The data showed that investors’ wealth added nearly Rs 4 lakh crore in the day’s profit with the BSE’s market capitalization exceeding Rs 267 lakh crore.
During the day, the RBI continued its accommodative stance keeping interest rates unchanged, which is expected to support economic growth. According to Naveen Kulkarni, Chief Investment Officer, Axis Securities, RBI is instrumental in bringing economic growth back on track as it continues with soft interest rate regime and calibrated liquidity position in the system. “We believe that the RBI is giving growth priority along with tracking inflation, will keep interest rates gradually tightening and the Budget in February will be a key trigger for the markets.”
Auto, IT and consumer goods stocks saw gains in the day’s session. Of the 30 Sensex stocks, 28 closed higher. BSE data shows that in the broader market, however, the advance-decline ratio was less skewed with 980 laggards with 2,313 gainers.
After two consecutive sessions of strong gains, market players are now confident that some profit-booking may be witnessed on Thursday. A less-volatile session on Dalal Street could also be supported by the flat trading session seen in the US market mid-session.
The rupee on Wednesday plunged to a two-month low of 75.5 against the dollar as the RBI’s monetary policy decision failed to enthuse forex market participants. K Dilip Parmar said, “The rupee has reacted slightly negatively. RBI has maintained a lenient stance even after the global central banks gradually withdrawing the slack monetary policy.” HDFC Securities, said.
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