The markets on Wednesday opened flat with Sensex at 60,155.71, down by 2.01 points and Nifty rose by 22.15 points at 17,744.45. Tata Steel, Sun Pharma, HDFC Bank and ICICI Bank were the top gainers whereas TCS, Maruti, ITC, Infosys and HCL Tech were the top losers.
The stocks of TCS, Anand Rathi Wealth and Dharani Sugars Chemicals will be in focus as the companies are announcing the results for the last quarter today.
Stock markets on Tuesday
The Indian markets for the seventh consecutive session closed in green with Sensex at 60,157.72, up by 311.21 points and Nifty at 17,722.30, up by 98.30 points. Kotak Mahindra Bank, Eicher Motors, JSW Steel, Tata Steel and Bajaj Auto were among gainers whereas TCS, Infosys, HCL Tech, Wipro and Asian Paints were among the losers. While the IT index fell close to 1 per cent, the auto, bank, metal, power and oil and gas industry rose by nearly 1 per cent.
IMF cuts India's growth forecast by 20 bps
The International Monetary Fund has cut India's GDP growth forecast for the financial year 2023-24 by 20 basis points to 5.9 per cent. This is lower than the Reserve Bank of India's projection of 6.5 per cent.
Global Stocks
While the Wall Street stocks closed mixed on Tuesday as investors waited for crucial inflation data, SGX Nifty futures were flat at 17,792 on the Singaporean Exchange on Wednesday. The Dow Jones Industrial Average jumped by 98.27 points to 33,684.79 whereas the S&P 500 was flat at 4,108.94. The Nasdaq Composite also saw a drop of 0.43 per cent to 12,031.88. Japan's Nikkei saw a rise of 0.49 per cent whereas Australia's S&P index went up 0.65 per cent. The Shanghai Composite Index also saw a rise of 0.1 per cent whereas Hong Kong's Hang Seng index went down by 0.02 per cent.
Oil prices
Oil prices on Wednesday were stable after industry data revealed unexpected build in US crude and gasoline inventories helping calm the increasing concerns regarding the tightening supply ahead of cuts by OPEC producers. Brent crude was down by 5 cents at $85.57 per barrel and US West Texas Intermediate went down by 6 cents to $81.48 per barrel.
Rupee
Indian rupee on Wednesday opened at 82.06 per dollar against yesterday's close of 82.12.
