At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 282.74 points or 0.35% to 76,719.16. The Nifty 50 index added 93.75 points or 0.40% to 23,358.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.74 % and the S&P BSE Small-Cap index added 0.78%.
The market breadth was strong. On the BSE, 2,339 shares rose and 664 shares fell. A total of 99 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 111.04 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,193.29 crore in the Indian equity market on 11 June 2024, provisional data showed.
Economy:
India will remain the fastest-growing of the worlds largest economies, although its pace of expansion is expected to moderate, the World Bank said in its latest biannual Global Economic Prospects. After a high growth rate in FY2023/24, steady growth of 6.7% per year, on average, is projected for the three fiscal years beginning in FY2024/25. Growth is estimated to have picked up to 8.2% in fiscal year (FY) 2023/24 (April 2023 to March 2024)1.9% points higher than estimated in January.
Growth in industrial activity, including manufacturing and construction, was stronger than expected, alongside resilient services activity, which helped offset a slowdown in agricultural production partly caused by monsoons. Growth of domestic demand remained robust, with a surge in investment, including in infrastructure, offsetting a moderation of consumption growth as postpandemic pent-up demand eased.
Meanwhile, the moderation is mainly due to a slowdown in investment from a high base, the Bank stated. However, investment growth is still expected to be stronger than previously envisaged and remain robust over the forecast period, with strong public investment accompanied by private investment. Private consumption growth is expected to benefit from a recovery of agricultural production and declining inflation. Government consumption is projected to grow only slowly, in line with the governments aim of reducing current expenditure relative to GDP.
Stocks in Spotlight:
Castrol India advanced 4.17% after the company said that it board has approved the appointment of Kedar Lele as managing director (MD) of the company with effect from 1 November 2024 for period of 5 years.
LTlMindtree added 1.56% after the company announced the inauguration of its regional headquarters in Saudi Arabias capital, Riyadh, as part of the expansion in KSA and the Middle East.
Numbers to Track:
The yield on India's 10-year benchmark federal shed 0.04% to 7.011 as compared with previous close 7.014.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5625, compared with its close of 83.5950 during the previous trading session.
MCX Gold futures for 5 August 2024 settlement rose 0.03% to Rs 71,510.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 105.14.
The United States 10-year bond yield added 0.11% to 4.408.
In the commodities market, Brent crude for August 2024 settlement added 34 cents or 0.42% to $82.26 a barrel.
Global Markets:
Asian stocks traded lower on Wednesday as jitters from US inflation data and the upcoming Federal Reserve decision weighed on markets. The Fed's monetary policy remains a key concern for Asian investors, even with Southeast Asian currencies facing important support levels.
Despite US indices closing at record highs on Tuesday, fueled by Apple's surge, investor focus shifted to today's events. The release of May's Consumer Price Index (CPI) and the Federal Reserve interest rate decision are crucial factors shaping market sentiment. The two-day Fed meeting is expected to maintain current interest rates, which are at a two-decade high.
The S&P 500 gained 0.3% and the Nasdaq jumped 0.9% on Tuesday, with Apple reaching an all-time high. The Dow Jones, however, shed 0.3%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
