IndusInd Bank was the top gainer in the Sensex pack, rising nearly 6 per cent, followed by Axis Bank, SBI, Maruti, Tech Mahindra and Reliance Industries. NSE Nifty surged 183.70 points to close at 17,166.90.
Tata Steel was the top gainer in the Sensex pack, rising 3.10 per cent, followed by Bajaj Finance, Bajaj Finserv, Reliance Industries, Asian Paints and Titan.
'It will be best for investors to have a systematic investment plan in mid-cap and small-cap funds with a three-/five-year horizon.'
HDFC was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by Kotak Bank, Asian Paints, UltraTech Cement, HDFC Bank, HUL and Tech Mahindra.
United Nations warned of a political backlash and loss of faith in markets and openness unless immediate corrective measures were taken.\n
The Bank of Japan's action has nullified the effects of the end of the US' quantitative easing programme but the dependence of foreign institutional investors remains a concern
IndusInd Bank was the top gainer in the Sensex pack, jumping nearly 5 per cent, followed by Bharti Airtel, HCL Tech, Reliance Industries, Titan and Asian Paints.
The Sensex was pulled lower mainly by Maruti, Tech Mahindra, PowerGrid, ICICI Bank, Axis Bank and SBI -- which suffered losses to the tune of 3 per cent.
The total market capitalisation of BSE listed companies stood at Rs 1,01,68,542 crore.
The rupee had plunged 65 paise in its biggest single-day drop in over six months to end at 61.49 in Wednesday's trade against the greenback, hit by spike in dollar demand and negative cues from local stocks.
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
oil market remained under pressure and big gains are unlikely.
The Shanghai Stock Exchange has registered maximum fall (56 per cent) from its peak, while the benchmark index of the Bombay Stock Exchange dipped by as much as 40 per cent and the Manila Stock Exchange dropped by 39 per cent, registering the third largest fall. The report added that 'having lost one fifth to one third of their value, equity assets would appear to have greater upside rather than down side prospects.
Hiring activity witnessed a 6 per cent year-on-year growth in March this year, supported by a rebound in economic activities and led by sectors such as banking and telecom, according to a report. However, there was a marginal dip of 2.4 per cent in hiring activity as compared to February, owing to the appraisal season, according to the Monster Employment Index (MEI). "Two years into the pandemic, it is heartening to see that the Indian economy has overcome setbacks and challenges with hiring momentum exceeding pre-COVID levels by 6 per cent this year compared to 2020," Monster.com, a Quess company, CEO Sekhar Garisa noted.
IndiGo on Wednesday reported a net loss of Rs 1,681 crore in the quarter ending March due to Omicron wave, high fuel costs and weakening rupee. This year's Q4 loss was 46.6 per cent more than the loss incurred by the airline in the corresponding period a year ago, the airline's statement mentioned. India's largest airline's total net loss of 2021-22 was Rs 6,161 crore as compared to Rs 5,806 crore net loss that it incurred in 2020-21, it mentioned.
Given the prevailing uncertainties, investors must maintain a 10-15 per cent allocation to gold in 2023.
Investors turn their attention to export-driven sectors.
The yellow metal has lost Rs 390 in last three days.
Since infrastructure projects have long gestation periods, investors need to enter them with a long horizon of at least 10 years.
Investor sentiments remained upbeat tracking global developments as the US, China geared up for trade talks due this week.
German premium car maker Mercedes-Benz on Wednesday reported nearly 100 per cent growth in sales at 4,101 units in the domestic market in September of the current year. Mercedes-Benz India had sold 2,058 cars in the Indian market in the July-September period of 2020. The strong rebound in sales particularly in Q3 2021 retail, reflects the continuous V-shaped recovery witnessed since the pandemic affected second quarter (April-June), owing to the return of economic activities, a stable economy at large and an overall positive market outlook.
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
The 30-share index ended higher by 481.16 points or 1.91 per cent at 25,626.75 -- its highest closing since January 1.
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
The rally is being fuelled by across-the-board buying.
The Nifty's put-call ratios are very bearish.
Globally, the dollar index was trading up by 0.1 per cent against the basket of six major currencies on optimism that the US economy is improving.
The CSI300 of the leading Shanghai and Shenzhen A-share listings has lost almost 11 per cent this week.
The rupee resumed lower at 54.73 per dollar as against the last closing level of 54.69 on the Interbank Foreign Exchange Market.
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
The broader markets are, however, outperforming the larger peer.
The market capitalisation of BSE-listed companies jumped to a record high of Rs 2,40,04,664.28 crore on Tuesday, driven by a rally in stocks that also saw the benchmark Sensex touching its lifetime peak of 53,887.98 points. Rallying for the second consecutive day on Tuesday, the 30-share BSE index closed at a fresh closing peak of 53,823.36 points, a jump of 872.73 points or 1.65 per cent. During the day, it zoomed 937.35 points to 53,887.98 points.
Investors' wealth rose by Rs 2,22,763.25 crore in three days of market rally, with the benchmark Sensex closing at an all-time high on Thursday. At close of trade, the 30-share BSE index gained 254.80 points or 0.48 per cent to 53,158.85, its lifetime closing high. During the day, the benchmark also reached its all-time intra-day peak of 53,266.12 points. The benchmark has gained 786.16 points in three days.
Titan was the top loser in the Sensex pack, shedding over 3 per cent, followed by M&M, HUL, Maruti, Asian Paints and IndusInd Bank. Nifty fell 91 points to 17,157.40.
The rupee on Monday appreciated by 9 paise to 53.75 against the US dollar in early trade at the Interbank Foreign Exchange on selling of the American currency by exporters and banks.
Unwinding of long dollar positions by banks too aided the sentiment
In the offshore non-deliverable forwards, the one-month contract was at 62.26/36, while the three-month was at 62.83/93.
It's been a roller-coaster ride since 2015 Budget.
Sensex hit a record high of 27,225.85 and Nifty hit a record high of 8,141.90 in the intra-day trades today.
According to HSBC, the 'storm has abated' for the Indian markets as the US Fed has deferred tapering of its quantitative easing stimulus, and as the new Reserve Bank of India Governor Raghuram Rajan has taken steps to contain the rupee fall.
