The benchmark equity indices on the BSE and National Stock Exchange (NSE) continued their bull run for the fourth consecutive day and settled nearly 1 per cent higher on Wednesday led by gains in heavyweights Reliance Industries (RIL), ICICI Bank and Infosys amid positive cues in the global market.
The S&P BSE Sensex rose 533.15 points (0.88 per cent) to end at 61,150.04 while the Nifty 50 climbed 156.60 points (0.87 per cent) to settle at 18,212.35. The Nifty ended above the 18,200 level mark for the first time since October 27, 2021.
On the Sensex pack, Mahindra & Mahindra (M&M) was the top gainer of the day rising over 4.5 per cent, followed by BhartiAirtel, IndusInd Bank, RIL, ICICI Bank and Tata Steel. On the other hand, Titan Company, Tata Consultancy Services (TCS), HDFC Bank, Tech Mahindra, Wipro and Nestle India were among the laggards.
Going ahead, the market participants will look forward to the Q3 results of TCS, Infosys and Wipro scheduled later today and also the retail inflation (CPI) and industrial output (IIP) data which are set to be released this evening.
Led by realty, auto, energy and banking stocks, benchmark indices continued its winning streak for the 4th consecutive day despite fast spread of covid cases. Globally, sentiments were positive ahead of the release of US inflation data as the Fed Chair’s testimony eased inflationary worries. Realty stocks continued its upward rally on healthy business updates resulting in improved outlook. The initial result updates of major IT firms will determine the momentum of the week ahead”Gold prices on Wednesday rose Rs 43 to Rs 47,732 per 10 grams in the futures trade as speculators created fresh positions amid a firm spot demand.
On the Multi Commodity Exchange, gold contracts for the February delivery traded higher by Rs 43, or 0.09 per cent, to Rs 47,732 per 10 grams in a business turnover of 6,630 lots.
Participants created fresh positions, leading to a rise in gold futures, analysts said.
Globally, gold prices traded 0.16 per cent lower at USD 1,815.60 per ounce in New York.
“In the year 2022, the real estate market’s deal street is projected to be strong even further. The various initiatives by the state & central government are keeping the residential asset class in favour. This has revived the residential sector leading to an uptrend at many levels. Despite the fact that the markets were trembling the realty index held up well in the midweek trading. The realty index is likely to maintain its rising momentum even further.”
“Real estate, especially the residential sector has witnessed a upward growth trajectory since 2020. As a safe-haven asset, realty came under focus as an investment of choice. With low home loan rates, stamp duty cuts, premium cuts, it is lucrative to be associated with the sector as both sellers and buyers. The outlook for the sector continues to remains positive basis recent research reports. The strong fundamentals and expectation of further rise in demand are instrumental for the month-high and upside in the BSE Realty Index.”
“Both residential and commercial asset classes have scripted a turnaround story in the second half of the year 2021. The guidance on the performance of the real estate assets for the year 2022 is expected to mark an uptrend. Most cities in India have witnessed better equilibrium dynamics in demand-supply economics of real estate with sales numbers being in-line with the number of home unit launches. The year 2022 is expected to set a new benchmark where all the stakeholders of the real estate industry will collaborate to harness latent demand for homes. Institutional investors are actively looking at investment opportunities across the capital stack on both the equity and debt side. It’s encouraging to see that premium rebate in Maharashtra resulted in receiving a record sum of over Rs 11,000 crore. The deal street of