- India’s Nifty and Sensex opened with modest gains on Wednesday after the Tuesday turnaround.
- Nifty and Sensex cheered the upswing in IT and auto sector stocks on Tuesday.
- Wednesday’s US GDP revision eyed ahead of Thursday’s US PCE inflation, India’s Q3 GDP data.
The Sensex 30 and Nifty 50, India’s key benchmark indices, opened with slight gains on Wednesday, having witnessed a Tuesday turnaround on the back of a rebound in IT and auto sector stocks.
Asian markets have turned cautious, led by the renewed downside in Chinese stocks.
Indian traders, however, remained jittery ahead of India’s third-quarter Gross Domestic Product (GDP) data and the expiry of monthly derivatives contracts due later this week. Also, of note remains the top-tier US economic news, including the second estimate of the GDP report on Wednesday.
At the time of writing, the National Stock Exchange (NSE) Nifty 50 and the Bombay Stock Exchange (BSE) Sensex 30 add about 0.05% on the day to trade at 22,201.05 and 73,099.85 respectively.
Stock market news
- Early performers on Nifty are Tata Consumer Products, Tata Motors, Bharti Airtel, SBI Bank and Hindalco. Meanwhile, the early losers include Apollo Hospital, Asian Paints, Mahindra & Mahindra, BPCL and Wipro.
- Key corporate news as of Tuesday: Tata Consultancy Services (TCS) jumped 2.5% after UBS upgraded the stock to “buy”.
- The National Company Law Tribunal (NCLT) approved the Hinduja Group firm’s resolution plan for Reliance Capital.
- Paytm’s founder and chief executive officer Vijay Shekhar Sharma quit payments bank board in a major shakeup. Paytm share price dips after rallying 5%.
- Union Bank of India raised 30 billion rupees, under QIP, at an issue price of 135.65 rupees.
- Wipro Company announced a joint 5G private wireless solution with Nokia to help enterprises scale their digital transformation.
- The US stock markets closed mixed on Tuesday, as markets digested a 6.1% slump in the US Durable Goods Orders data.
- Wednesday’s US GDP revision and personal spending data will be closely eyed before the key US PCE inflation data and India’s Gross Domestic Product (GDP) data due on Thursday.
- Markets are currently pricing in just about a 20% chance that the US Federal Reserve (Fed) could begin easing rates in May, much lower than an over 90% chance a month ago, according to the CME FedWatch Tool. For the June meeting, the probability for a rate cut now stands at about 60%, down from 70% seen a few days ago.
Read the full article here