Sensex snaps 3-day losing streak, ends 479pts higher; Nifty reclaims 17,100

CLOSING BELL: Power majors - PowerGrid, NTPC along with FMCG and select financial shares were the major gainers in trade among the Sensex 30 on Wednesday.

10:05 AM

COMMENT | US CPI data crucial pivot for equities

Yesterday the huge FII selling of Rs 4612 crores overwhelmed the DII buying of Rs 2430 crores dragging the Nifty down sharply by 257 points. Globally sentiments turned negative with IMF downgrading global growth to 2.7% in 2023 and the market concerns surrounding financial stability in UK.

 

An important trend in the market is that FIIs are hugely net short in the derivatives market while retail and HNIs are long. If the market mood suddenly turns there can be massive short covering in the market leading to a sharp rally.

A possible trigger for this is positive data from US inflation data coming tomorrow. So watch out for the crucial US CPI numbers for signs of inflation cooling off.

Even though the sentiments are negative, long-term investors can slowly accumulate high quality stocks in financials, capital goods, telecom and IT.

Views by  V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

9:56 AM

OMCs gain strength on report govt may provide a subsidy of Rs 30K crore

9:52 AM

Power Grid surges 3% on acquiring a SPV for Rs 7 crore

The state-run power giant fully acquired equity in a special purpose vehicle (SPV) to build inter-state transmission project for eastern and north-eastern regions. The SPV was acquired for around Rs 7.04 crore, which includes 50,000 equity shares at par at Rs 10 each along with assets and liabilities of the company.

9:48 AM

Marksans Pharma rallies 9% on plan to buy Teva's Goa unit

Marksans Pharma on Tuesday said it has entered into an agreement with Israeli drug maker Teva to acquire its manufacturing site in Goa on a slump sale basis.

9:45 AM

Star Housing Finance to mull bonus issue/ stock split on Oct 17

9:42 AM

Adani Green edges up as arm incorporates two new subsidiaries

The company's arm Adani Renewable Energy Holding has incorporated two new subsidiaries. 

9:39 AM

Suzlon Energy gains 2% on bagging a 144.9 MW wind project from Aditya Birla Group

Company secures order of 144.9 MW from The Aditya Birla Group

 

9:35 AM

SECTORS | All pockets in green except Media, IT rises nearly 1%

9:32 AM

BROADER MARKETS | Small-caps, mid-caps firmly in green

9:29 AM

MARKET BREADTH | Advance-decline ratio positive at 2:1

9:26 AM

NIFTY GAINERS | HCL Tech, Powergrid top winners

9:23 AM

NIFTY LOSERS | ONGC, Tata Steel top index drags

9:21 AM

HEATMAP | Only 8 of 30 Sensex stocks open lower

9:19 AM

OPENING BELL | Nifty opens with a 30-pts uptick

9:16 AM

OPENING BELL | Sensex opens 100 points higher