Sensex Today: Indian equity indices closed higher ahead of the release of key domestic retail inflation data on Monday. Investors were cautiously awaiting directions from key central bank meetings in a busy week, with the market breadth skewed in favour of bulls.
The S&P BSE Sensex swung in a narrow band of less than 200 points. The index touched a high of 62,805 and a low of 62,615, before settling with a 99 points or 0.2 per cent gain at 62,725. The NSE Nifty 50 ended a notch above the 18,600 level, up 38 points.
Meanwhile, the broader indices outperformed – the BSE Midcap index advanced 0.5 per cent, while the Smallcap index added 0.7 per cent. The overall breadth too was fairly positive, with around 2,163 stocks advancing versus 1,566 declining shares on the BSE.
Among the Sensex 30 stocks, Infosys alone contributed 82 points to the BSE benchmark, on rallying 2 per cent. HCL Tech up 2.5 per cent was the biggest per centage gainer. NTPC, Mahindra & Mahindra, TCS, Nestle, Tech Mahindra and Bajaj Finserv were the other major gainers.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities, said: “Markets were extremely range-bound to end with a positive bias on the back of firm global markets, as investors were cautiously optimistic ahead of the US FOMC meeting later this week. Although there are indications that the Fed may pause on rate hikes this time, any uptick in key rates could fuel pessimism over global growth and trigger a short-term correction. Technically, the Nifty hovered between 18560 to 18630, and the narrow range activity clearly indicates indecisiveness between the bulls and bears. For traders, 18550 would be the immediate support level, above which the index could move up till 18650-18700. On the other hand, a fresh sell-off is possible only after the dismissal of 18550. Below the same, the index could slip till 18500-18450.”
Global Cues
Asian shares started tentatively on Monday as investors braced for central bank meetings from Europe, Japan and the United States this week, along with US inflation data that will likely influence the Federal Reserve’s monetary policy path.MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.17% to 519.96, having touched a more than one-month peak of 521.94 earlier in the session.
Tokyo stocks opened higher on Monday, extending US gains as investors awaited crucial interest rate decisions from the Federal Reserve and other central banks.The benchmark Nikkei 225 index was up 0.28 percent, or 91.65 points, at 32,356.82 in early trade, while the broader Topix index added 0.33 percent, or 7.30 points, to 2,231.62.
The S&P 500 closed higher on Friday but off session highs, as a Tesla rally failed to galvanize the broader market on the eve of the Federal Reserve’s policy meeting and inflation data next week.
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