Indian Stock Markets Close Higher on Favorable Global Cues
Mumbai: Indian benchmark indices, Sensex and Nifty, closed higher on Wednesday. This was due to strong US job data. There was also speculation about a potential rate cut by the RBI.
Market Performance
Sensex rose 260.74 points (0.32%) to 80,998.25. Nifty gained 77.70 points (0.32%) to 24,620.20. Midcap and smallcap indices outperformed largecap.
Sectoral Trends
Gainers included:
- Auto
- IT
- PSU bank
- Financial services
- Pharma
- FMCG
- Metal
- Media
- Energy
- Private bank
Losers:
- Realty
RBI Policy Expectations
Traders await the RBI rate decision, expected on Friday. Analysts predict a potential rate cut.
Market Outlook
Rupak De from LKP Securities said the market will likely remain sideways until the RBI announcement. Support is seen at 24,500, with resistance at 24,750/24,900.
Global Cues
Strong US job data supported global equities. Vikram Kasat from PL Capital said near-term sentiment remains constructive above 24,500.
Currency Market
The rupee traded weak at 85.87, near the 86.00 mark. Analysts expect a trading range of 85.50 to 86.40.
