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Indian benchmarks Sensex and Nifty expect green opening
Nifty and Sensex gear up for positive start - Find out how India's benchmark indices are poised for bullish opens on Wednesday after a strong Tuesday. Discover the current developments in the stock markets!
Indian benchmarks Sensex and Nifty expect green opening
India's Nifty and Sensex are off to a positive start on Wednesday after benefiting from a rebound in the IT and automobile sectors on Tuesday. India's two major benchmark indices, Sensex 30 and Nifty 50, recorded a turnaround thanks to positive developments. Asian markets are looking to continue the recovery, led by gains in Chinese stocks. Nifty futures show a 0.20% rise, indicating an impending positive opening for Nifty and Sensex.
However, Indian traders remain nervous about the upcoming release of India's third quarter gross domestic product (GDP) and the expiry of monthly derivatives contracts. Also important are high-profile U.S. economic data, including Wednesday's revision to the GDP report. On Tuesday, the Nifty 50 of the National Stock Exchange (NSE) and the Sensex 30 of the Bombay Stock Exchange (BSE) registered a growth of around 0.35% each to close at 22,193.80 and 73,066.91 respectively.
Top performers in the Nifty included companies like TCS, Tata Motors, Powergrid, IndusInd Bank and Sunpharma. But there were also losers like Divislab, SBI Bank, Bajaj FinServ, Bajaj Finance and Heromoto Corp. In the business world, there were important news like UBS's upgrade of Tata Consultancy Services' (TCS) stock to 'buy' or approval of Hinduja Group's resolution plan for Reliance Capital by the National Company Law Tribunal (NCLT). It was also announced that Paytm's founder and CEO Vijay Shekhar Sharma has quit the payments firm's board. Union Bank of India has raised Rs 30 billion under the QIP at an issue price of Rs 135.65 lakh, while Wipro Company has announced a joint 5G private wireless solution with Nokia to help businesses digitally transform.