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Expectations of healthy Q3 FY22 results of IT majors along with positive global cues lifted India's equity indices -- S&P BSE Sensex and NSE Nifty50 -- on Wednesday.
The two indices had a gap up opening ahead of the Q3 FY22 results declaration by three major IT companies -- TCS, Infosys and Wipro. Globally, markets rallied after Fed Chairman Jerome Powell indicated confidence in the US economic recovery and reiterated that the central bank would tackle inflation. On the domestic front, volumes on the NSE were in line with recent averages. Amon sectors, power, realty, metals, auto and telecom indices rose the most, whereas consumer durables and healthcare indices fell the most. Consequently, the Sensex and Nifty settled at 61,150 points and 18,212 points, both up 0.9 per cent from their previous close, respectively. "Nifty continues its up run with volumes now back at normal and an advance decline ratio also ending in the positive," said Deepak Jasani, Head of Retail Research, HDFC Securities. "The Nifty, however, shows a doji after a rise and a gap up. A breach of and sustaining above the top of January 12, i.e., 18,228, will be crucial for the uptrend to continue. On falls, 18,081 could offer support," he added. According to Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services: "Inflation data to be released in India and in the US later today will be closely monitored by the market. Also, the results from index heavyweight TCS, Infosys and Wipro would guide the sentiments. "Going forward, we expect the market to remain steady on the back of hopes of strong corporate earnings, sentiments around the upcoming Budget and improvement in macroeconomic data." Vinod Nair, Head of Research at Geojit Financial Services, said: "Led by realty, auto, energy and banking stocks, benchmark indices continued their winning streak for the fourth consecutive day despite the fast spread of Covid cases. "Globally, sentiments were positive ahead of the release of US inflation data as the Fed Chair's testimony eased inflationary worries. Realty stocks continued its upward rally on healthy business updates resulting in improved outlook. The initial result updates of major IT firms will determine the momentum of the week ahead." --IANS rv/arm ( 379 Words) 2022-01-12-20:00:03 (IANS)
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