Ahead of Market: 10 things that will decide D-Street action on Wednesday
Reliance Industries and Infosys amid a bearish trend in global equities. Besides, robust domestic macroeconomic data added to the positive momentum, traders said.
The BSE Sensex climbed 152 points or 0.23% to settle at 65,780.26.
The Nifty rose 46 points or 0.24% to end at 19,574.90.
Among the sectors, media and realty were the outperformers while mid and smallcap indices extended their streak of outperformance.
Here's how analysts read the market pulse:
“While strong domestic factors are bolstering Indian equities, they have allowed them to withstand attempts by weak global peers to disrupt the mood. India's service PMI stands strong at 60.2, highlighting sustained demand even amid inflationary pressures.
Particularly, small and mid-cap stocks have been exceptional, reaching all-time highs. In contrast, the underwhelming Chinese service PMI has dampened hopes of an economic rebound in China, thus affecting global market sentiments,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Nifty is consistently trading above the 50 and 20-day SMA (Simple Moving Average), and on intraday charts, it shows a higher bottom formation, which signals a positive outlook.
The 19500 level emerges as the sacrosanct support zone for Nifty, and surpassing this, the index could potentially rise to 19620-19650. On the downside, if it drops below 19500, bulls might consider exiting long positions, potentially leading to a dip to 19450-19420,” remarked Jatin Gedia of Sharekhan.
That said, here’s a glimpse of key indicators for Wednesday's action:
US market
Wall Street's main indexes fell on Tuesday as higher Treasury yields weighed on some major growth stocks, while downbeat data on services activity in China stoked worries over
