The stock market benchmark indices rose in early trading on Wednesday, extending their upward trend for the eighth consecutive day. This positive performance was driven by the strength in most Asian equity markets and continuous foreign fund inflows. The 30-share BSE Sensex climbed 92.29 points to reach 60,250.01, while the broader NSE Nifty gained 51.35 points to settle at 17,773.65.
Several factors contributed to this positive trend, including the buying of index majors such as Reliance Industries, HDFC twins, and Tata Consultancy Services. In particular, the biggest winners in early trade among the Sensex firms were Reliance Industries, HDFC, HDFC Bank, Titan, UltraTech Cement, Tata Consultancy Services, Tata Motors, Bajaj Finserv, Bajaj Finance, and Tata Steel.
However, some firms did not fare as well in early trading, including IndusInd Bank, Nestle, Hindustan Unilever, Power Grid, NTPC, and Kotak Mahindra Bank. In Asian markets, Seoul, Japan, and Shanghai were trading in the green, while Hong Kong quoted lower. The US markets had ended mostly lower on Tuesday.
Investors are closely watching for the CPI inflation and IIP numbers, which will be announced later in the day, as the RBI recently refrained from hiking rates. The TCS results to be announced post-market hours will also be closely followed, especially against the backdrop of the recent slump in technology stocks.
The Sensex rose by 311.21 points or 0.52 per cent to finish at 60,157.72 on Tuesday, while the Nifty gained 98.25 points or 0.56 per cent to settle at 17,722.30. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, emphasized that the March US inflation data is crucial for equity markets globally as it will determine the Fed response in the May policy meeting. March CPI print in India will also be keenly watched.
Global oil benchmark Brent crude marginally rose by 0.02 per cent to USD 85.63 per barrel. Foreign Portfolio Investors (FPIs) further bought equities worth Rs 342.84 crore on Tuesday, according to exchange data. Overall, the positive trend in the stock market benchmark indices suggests a good start to the day and provides investors with optimism for the future.