Indian Stock Markets Close Higher on Positive Global Cues and US Inflation Data

Indian Stock Markets Close Higher on Positive Global Cues and US Inflation Data

VoM News Desk | November 15, 2023 | 04:54 PM IST | Breaking News | Follow on Google News

Indian Stock Markets Close Higher on Positive Global Cues and US Inflation Data

Indian Stock Markets Close Higher on Positive Global Cues and US Inflation Data

Indian equity benchmarks concluded Wednesday’s trading session in the green, buoyed by optimistic global cues and a drop in US inflation data, which fueled expectations of an end to the rate-hiking cycle in the world’s largest economy. The decline in US 10-year treasury notes to 4.5%, a seven-week low, was seen as a positive signal, leading to a decrease in bond yields and potentially reducing selling pressure from Foreign Institutional Investors (FIIs) in domestic markets.

Indices and Sectoral Performance

The BSE Sensex closed higher by 742.06 points (1.14%) at 65,675.93, while the Nifty 50 ended at 19,675.45, up 231.90 points (1.19%). The broader market mirrored the benchmark indices, with Nifty Midcap 100 and Nifty Smallcap finishing higher by 0.91% and 1.27%, respectively. Notably, Nifty IT, Nifty Realty, and Nifty Auto led the sectoral gains, with all indices finishing in positive territory.

Global Market Trends and Japanese Economy

Internationally, key indices like France’s CAC 40, Britain’s FTSE 100, and Germany’s DAX showed upward trends. The US stock futures also indicated positive movement. Despite news of Japan’s economy contracting more than expected, Tokyo’s Nikkei 225 rose 2.5% to close at 33,519.70.

Nifty 50 Gainers and Losers

In the Nifty 50 index, 45 stocks settled in green, led by Eicher Motors, Tech Mahindra, Hindalco Industries, Infosys, and Tata Motors. Conversely, Bajaj Finance, Power Grid Corporation, IndusInd Bank, Dr. Reddy’s, and Cipla ended in red.

Experts’ Analysis and Technical Views

Experts like Vinod Nair from Geojit Financial Services and Prashanth Tapse from Mehta Equities highlighted the positive impact of the soft US and UK inflation data on markets. The expectation of the Fed refraining from further rate hikes and possibly cutting rates by June boosted investor sentiment. Technical analysis suggests a bullish outlook for Nifty, with potential resistance around 19,700 to 19,850 and support at 19,375.

VoM News Desk

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