Indian markets maintained their composure on Wednesday, with the Nifty 50 holding firm above 23,200 and the Sensex gaining 224 points, as traders awaited critical U.S. inflation readings. The day’s trading remained measured, with investors taking calculated positions ahead of the U.S. data release scheduled after Indian market hours.
The shifting global economic landscape, marked by stronger-than-expected U.S. economic indicators, has prompted a recalibration of rate cut expectations. This development has strengthened the dollar and pushed up Treasury yields, creating ripples across global markets.
By closing bell, the Sensex settled at 76,724, retreating from its intraday peak. Mid-sized companies outshone their larger counterparts, with the Midcap Index advancing 223 points to 53,899. Banking stocks showed restraint, with the Nifty Bank index making a modest 23-point gain to close at 48,752.
Individual stocks painted an interesting picture. Retail giant Trent led the Nifty pack with a 4% surge, buoyed by favorable analysis from Elara Securities. Power sector stocks drew substantial interest amid expectations of increased budget allocations, with NTPC standing out with a 3% gain.
Adani Green’s shares climbed over 3% following robust quarterly performance indicators. The BSE continued its winning streak for a third consecutive session, marking a 13% weekly gain.
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