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Sensex Rises 250 pts, Nifty Above 17,000 Amid Mixed Global Cues; Nestle, NTPC Top Gainers

Key benchmark indices opened on a positive note on Wednesday. At 09:16 IST, the Sensex was up 213.80 points or 0.38 per cent at 56676.95, and the Nifty was up 57.00 points or 0.34 per cent at 17015.70. About 1458 shares have advanced, 512 shares declined, and 83 shares are unchanged.

Reliance, Maruti, HDFC, Wipro, M&M, NTPC, Infosys and Ultratech Cement were the top winners on the Sensex, while Kotak Bank, IndusInd Bank, HCL Tech, Bajaj finance, Axis Bank and Tata Steel were the top losers.

The broader markets, meanwhile, opened in green. The BSE MidCap and SmallCap indices were up to 0.3 per cent higher.

In other news, the International Monetary Fund has slashed its FY23 GDP growth forecast for India to 8.2 per cent from 9 per cent, saying that higher commodity prices will weigh on private consumption and investment. That said, investors will continue to monitor developments on the Russia-Ukraine conflict and its likely impact on commodity prices.

Mohit Nigam, Head – PMS, Hem Securities, said: “Indian markets bled in the last hour of a choppy session on Tuesday due to selling in financial, IT, FMCG and auto stocks. Today, the benchmark indices are likely to open in green following positive global cues. Traders will be taking encouragement as describing the Indian economy’s recovery from the COVID-19 pandemic as distinct and pronounced, Finance Minister Nirmala Sitharaman exuded confidence about India posting robust economic growth this decade. Separately, she said the US-India relationship is at its best and will strengthen the global order in these challenging times.”

“However, there may be some cautiousness as the International Monetary Fund (IMF) cut its growth forecast for India for FY23 by 80 basis points to 8.2 percent, warning that Russia’s invasion of Ukraine would hurt consumption and hence, growth, by way of higher prices. Meanwhile, foreign institutional investors (FIIs) have net sold shares worth Rs 5,871.69 crore, while domestic institutional investors (DIIs) have net bought shares worth Rs 3,980.81 crore on April 19, as per provisional data available on the NSE,” Nigam said.

Global Cues

US stocks overcame a weak start and finished broadly higher Tuesday, giving the major indexes on Wall Street their best day in nearly five weeks. The S&P 500 rose 1.6 per cent, enough to recoup almost all of its losses from last week. The Dow Jones Industrial Average rose 1.5 per cent and the Nasdaq gained 2.2 per cent. The last time the indexes mounted a bigger rally was March 16. The S&P 500 and Nasdaq came into this week with two straight weekly losses, while the Dow has fallen three weeks in a row.

Tokyo stocks opened higher on Wednesday, helped by a cheaper yen and gains on Wall Street where investors were encouraged by better-than-expected US housing starts data and solid corporate earnings. The benchmark Nikkei 225 index was up 0.76 per cent, or 204.38 points, at 27,189.47 in early trade, while the broader Topix index was up 0.83 per cent, or 15.69 points, at 1,911.39.

Hong Kong stocks opened in the red on Wednesday after the IMF downgraded its global growth forecast for 2022. The Hang Seng Index fell 0.26 per cent, or 54.92 points, to 20,972.84. The Shanghai Composite Index opened 0.13 per cent lower, or 4.14 points, at 3,189.89, while the Shenzhen Composite Index on China’s second exchange was down 0.09 per cent, or 1.81 points, at 2,018.47.

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