Market Today, Sensex, Nifty: The frontline equity indices on the BSE and National Stock Exchange (NSE) opened marginally higher and were trading over 0.2 per cent in the early deals on Wednesday.
At 9:31 am, the S&P BSE Sensex rose 133.48 points (0.22 per cent) to 59,975.69 while the NIfty 50 was trading at 17,870.95, up 45.70 points (0.26 per cent).
On the Sensex pack, gains in the early trade were led by NTPC, HUL, Bajaj Finance, Asian Paints, UltraTech Cement, RIL, Bajaj Finserv, L&T and ITC. In contrast, TCS, Infosys, HDFC, HDFC bank, M&M and Kotak Mahindra Bank were the laggards.
“The market is likely to remain volatile in the near-term. However, strong economic rebound, normalized commodity prices, inflation within targeted range and better visibility is expected by 2HFY23,” Mitul Shah, Head of Research at Reliance Securities said in a pre-market note.
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“Our FY23 target for Nifty is 19,000 at 20x FY24E EPS. FII investments have started in past few weeks and are likely to continue. While oil and commodity prices have softened over the past few weeks, supply chain bottlenecks and effects of the Russia-Ukraine war, remain the major overhangs for the Indian economy,” he added.
Global Markets (from AP)
Asian shares were mostly higher Wednesday as regional markets looked to strong economic signs out of the US and China as drivers of growth. Benchmarks rose in morning trading in Japan, China and Australia, although shares dipped slightly in South Korea. Analysts warned major risks remain, such as surging cases of COVID-19 in some countries in Asia, worries about global inflation and China’s policies to curb infections.
Japan’s benchmark Nikkei 225 added 0.8 per cent in morning trading to 29,101.33. Australia’s S&P/ASX 200 rose nearly 0.1 per cent to 7,109.50. South Korea’s Kospi lost 0.5 per cent to 2,521.84. Hong Kong’s Hang Seng added 0.5 per cent to 19,932.34, while the Shanghai Composite edged up 0.2 per cent to 3,284.14.
The S&P 500 rose 0.2 per cent, its third straight gain, adding 8.06 points to 4,305.20. The Dow gained 239.57 points, or 0.7 per cent, to 34,152.01. The Nasdaq fell 25.50 points, or 0.2 per cent, to 13,102.55.