Equity indices close with gains driven by heavyweight stocks
The BSE Sensex surged by 165.32 points, closing at 73,667.96, while the Nifty edged up by 3.05 points, concluding at 22,335.70.
ANI
Mar 12, 2024 16:05 IST
Mumbai (Maharashtra) [India], March 12 (ANI): In defiance of broader market trends, primary equity indices concluded the trading session with gains, fueled primarily by significant advancements in heavyweight stocks such as HDFC Bank, TCS, and Reliance Industries.
The BSE Sensex surged by 165.32 points, closing at 73,667.96, while the Nifty edged up by 3.05 points, concluding at 22,335.70.
Among the Nifty companies, 13 witnessed advances while 37 experienced declines. Leading the gains in the Nifty 50 were HDFC Bank, LTIMindtree, TCS, Maruti Suzuki, and Infosys. Conversely, Adani Enterprises, Cipla, Grasim Industries, Adani Ports, and SBI faced notable declines in the Nifty 50 on March 12.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Ahead of the release of U.S. consumer prices data, S&P 500 and Nasdaq futures registered slight upticks on Tuesday, indicating cautious optimism among investors regarding the outlook for inflation and potential Federal Reserve policy adjustments."
He added, "European stock futures also saw gains, with the Stoxx Europe 600 rising by 0.6 per cent, particularly fueled by the energy, basic resources, and technology sectors. UK stocks outperformed following indications of a cooling jobs market."
The forthcoming CPI data, anticipated to be released at 8:30 am ET, is expected to reflect a 0.4 per cent increase in February, following a 0.3 per cent uptick in January.
A consensus in an LSEG poll suggests a 3.1 per cent year-over-year rise in the CPI for the 12 months through February.
Market sentiment in the previous month was influenced by robust economic data, leading to adjustments in expectations for the timing of the first Fed rate cut.
Currently, traders are pricing in a 72 per cent probability of the first rate cut occurring in June, according to the CME FedWatch Tool.
Global shares saw marginal gains on Tuesday in anticipation of the US inflation data, while the yen depreciated following remarks from Japanese officials suggesting a delay in the central bank's policy adjustment.
The closing figures indicate a cautious yet optimistic stance in the market amidst ongoing global economic dynamics and anticipation of key data releases. (ANI)
Tags:
Get the App
