Positive macros push equities higher; Power stocks rise

Mumbai : India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – made gains during Wednesday’s mid-afternoon trade session.

Accordingly, equity indices opened gap up and inched up gradually through the morning session.

Globally, Asian stocks were mixed as traders weighed the impact of elevated inflation on the economic recovery and looked ahead to earnings disclosures.

Among sectors Power, Metals, Consumer Durables, Capital goods, Automobiles and Telecom are the main gainers so far whereas Realty index is marginally in the red.

Consequently, the 30-scrip sensitive index traded at 60,730.73 points around 1.00 p.m., up 446.42 points or 0.74 per cent.

Besides, the NSE Nifty50 traded at 18,155.95 points, up by 164 points or 0.91 per cent.

“Volumes on the NSE are in line and advance decline ratio is in the positive,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Nifty could consolidate or correct a bit later in the day but end up in the positive.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research: “Domestic sentiments remained positive as Finance minister said India’s economic growth is near to its double-digit growth this year.”

“Some support came as Consumer Price Index (CPI) fell to a five-month low of 4.35 per cent in September from 5.3 per cent in August month.”