NIFTY & Sensex open in green, Cipla, Coal India, Adani Ent. among top gainers

NSE NIFTY 50 and the 30-share BSE SENSEX started Wednesday’s trading session positively. The 30-share BSE SENSEX was trading up by +0.15% trading around the 73,200 level, while the NSE NIFTY50 gained by +0.19% hovering above the level of 22,200. Furthermore, India VIX has surged over 1.4% and is trading above the level of 20.

Within the sectoral landscape Nifty PSU Bank (+1.19%), Nifty Metal (+0.72&) and Nifty Energy (+0.5%) were among the top gainers. On the flip side, Nifty Financial Services (-0.11%) and Nifty Auto (-0.06%) were among the top losers.

Within the Nifty 50 space, Cipla (+3.2%), NTPC (+1.8%), and Bharti Airtel (+1.7%) were among the top gainers. On the other hand, HDFC Bank (-0.82%), Shriram Finance (-0.75%) and HDFC Life (-0.63%) were among the top losers.

In the broader markets Nifty Midcap 100 and the Nifty Smallcap 100 were trading higher, up by +0.72 and +0.75%, respectively. The market breadth was positive with 1,651 stocks trading in green, while 311 stocks traded in red on NSE.

US Stocks advanced following the release of fresh US economic data, as investors awaited crucial inflation indicators. Nasdaq achieved a new peak, accompanied by gains in Dow Jones and S&P 500.

The April producer price index exceeded forecasts, mitigating speculation of rate cuts. The initial market response was cautious, influenced by the downward revision of March wholesale prices. Attention now shifts to the upcoming consumer price index announcement on Wednesday.

Federal Reserve Chair Jerome Powell reiterated that the deceleration in inflation is slower than expected, prompting the Fed to maintain its current stance for an extended period. Powell anticipates a gradual easing of inflation but does not foresee immediate rate hikes. US President Joe Biden increased tariffs on Chinese electric cars, solar panels, steel, and other products.

Oil prices rose as US inventories decreased, with attention turning to the upcoming report from the International Energy Agency on market equilibrium. The American Petroleum Institute reported a 3.1 million barrel decline in national crude stocks last week, including a reduction in Cushing, Oklahoma.

Stocks that are banned for trading in the F&O segment on May 15, 2024, are Balrampur Chini Mills, Birlasoft, Canara Bank, GMR Airports Infrastructure, Hindustan Copper, Vodafone Idea, Piramal Enterprises, Steel Authority of India (SAIL) and Zee Entertainment Enterprises.