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Market Check: Sensex, Nifty Regain Momentum

Indian equity benchmarks regained momentum after fluctuating between gains and losses. The S&P BSE Sensex rose 0.2 percent to 37,183 as of 2 p.m. and the NSE Nifty 50 rose 0.21 percent to 11,007. The broader markets represented by the NSE Nifty 500 Index rose 0.17 percent. The market breadth was tilted in favour of buyers. About 964 stocks advanced Wockhardt Halts Five-Day Rally; Shares Fall 6% Shares of Wockhardt halted its five-day gaining streak, their longest gaining streak in nearly three months. The stock fell as much as 5.8 percent to Rs 305.60. The scrip advanced 31 percent in the past five days and rose 7.4 percent in the past 30 days, Bloomberg data showed. Of the shares traded, 38 percent were at the ask price and 44 percent were .

The S&P BSE Sensex and NSE Nifty 50 indices recovered from intraday low levels led by gains in ICICI Bank, InfosysKotak Mahindra Bank, Reliance Industries, Axis Bank and Maruti Suzuki. The S&P BSE Sensex index moved in a range of 244.25 points, between 37,244.34 and 37,000.09, as against its earlier close of 37,104.28. The broader NSE Nifty benchmark rose as much as 41.05 points to hit 11,023.85 at the day’s strongest level, and declined as much as 78.1 points from that mark to 10,945.75. Government data on Thursday showed growth in industrial production was at 4.3 per cent in July, as against 2 per cent the previous month. Meanwhile, separate data showed that inflation rose to a 10-month high of 3.21 per cent in August. Analysts say the latest macroeconomic data leaves room for a rate cut in the Reserve Bank of India’s next bi-monthly review due in October.

Meanwhile,Consumer price inflation is likely to inch up further in the coming months. It would however continue to be within the RBI’s target. Industrial production (IIP) growth has come higher than market expectations and is a good sign, though capital and durable goods performance has not been good,” credit ratings agency CARE said in a note. 

“Food price inflation needs to watched for as there is potential for higher prices in the coming months and the kharif output will hold the clue… For the rest of the financial year we expect policy rates to be cut by another 40 bps,” the agency added.

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