The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained 19.95 points or 0.10% to settle at 20,926.35, while the BSE Sensex jumped 33.57 points or 0.05% to 69,584.60. Bank Nifty index ended flat slight lower by 5.30 points or 0.01% to settle at 47,092.25.
The broader indices ended in positive territory, with gain led by Midcap and Smallcap stocks. Healthcare and Pharma stocks outperformed among the other sectoral indices while IT and Oil & Gas stocks shed.
The Indian Volatility Index (India VIX) closed down by 5.09 %.
“India’s domestic industrial production and manufacturing PMI exceeded expectations, a clear reflection of the continuation of economic growth in H2FY24. However, a simultaneous challenge emerges as retail inflation stands at 5.5%, still much above the RBI’s 4% target,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that, This inflationary pressure, driven by high food inflation and the looming specter of El Niño, is poised to persist. The market’s focus now shifts to the upcoming FOMC meeting. And the recent global upside is getting far stretched in anticipation of a rapid fall in US Fed rate in CY2024.
