Sensex rises 100 points ahead of key Q1 earnings; Nifty above 19,450

economictimes.indiatimes.com:

Gains were led by financials, FMCG, and metal stocks with ONGC, Titan, and JSW Steel being the top Nifty gainers. Following the imposition of 28% GST on online gaming and casinos, shares of Nazara Technologies were trading 6% lower while those of Delta Corp slumped 10%. IT giants TCS and HCL Tech will announce their June quarter numbers post-market hours.

Investors would also be tracking the CPI number for June which is due today. Retail inflation is expected to see an uptick in June amidst a rise in the prices of food items. CPI inflation is forecasted to rise 4.49% year-on-year and 0.75% month-on-month in June.

Amid an uncertain global environment and a slowdown in discretionary spending by clients, the June quarter earnings are seen to be weaker than expected.Expert Take Technical indicators are indicating bullish momentum in the market but there are signs of overheating in the smallcap space. «Investors should exercise caution chasing small-cap stocks. Liquidity can drive markets higher.

So it makes sense to remain invested in this market. But optimism has to be tempered with some caution,» warned Dr. V K Vijayakumar of Geojit Financial Services.

On the charts, Nifty's support is seen at 19,350 levels while resistance is at 19,550 levels.Global markets Ahead of the start of second-quarter corporate earnings later this week, S&P500 ended 0.67% higher on Tuesday with gains being led by financial stocks. Asian stocks saw varied performance ahead of a US inflation report that will help shape the outlook for interest rates in the world’s biggest economy. Nikkei was trading 0.8% down while Hang Seng inched up 1%.Currency Watch The Indian rupee rose 13 paise to 82.28 against the US dollar in early trade.