Indian equities

Gains were led by upmove in Nifty oil & gas, IT, metal, and media stocks. Also, a decline in global crude oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting also somewhat gave fuel to the market sentiments. Among the Nifty 50 stocks, Reliance Industries was the top gainer, rising 3.6 per cent from the previous close.

Sensex closed at 55,381 points, down 185 points or 0.3 per cent, whereas Nifty at 16,523 points, down 62 points or 0.4 per cent. "In the very near-term, a rebound in crude oil prices poses a risk to the current account deficit and therefore, to expectations of rupee depreciation.

At 9.57 a.m., Sensex was 148 points down to 55,418, whereas Nifty 34 points down to 16,550. Stocks in other Asian countries were steady on Wednesday, while bond yields extended their advances amid a debate about how aggressive monetary tightening will need to be to fight inflation, said Deepak Jasani, Head of Retail Research, HDFC securities.

The GDP grew 4.1 per cent year on year in Q4FY22, data showed. In the same quarter of FY21, it was 1.6 per cent. The Reserve Bank of India (RBI) had projected GDP for the fiscal that ended in March at 9.5 per cent and for Q4 at 6.1 per cent. Besides, the combined Index of Eight Core Industries stood at 143.2 in April 2022, which is an increase of 8.4 per cent (provisional) as compared to the index of April 2021.

Analysts say investors await GDP figures for the quarter to gauge fresh cues. The GDP figures are expected at around 5.30 p.m. On Tuesday, sensex closed at 55,566 points, down 359 points, whereas Nifty was at 16,585 points, down 77 points. Among the sectoral indices, Nifty pharma, PSU bank, consumer durables, and oil and gas were the top losers, while Nifty auto, media, metal and realty among the top movers, NSE data showed.

At 10.03 a.m., sensex was at 55,597 points, down 328 points, whereas nifty at 16,585 points, down 76 points. "The dominant factor determining the market direction, going forward, would be the trend in the US market, which, in turn, would be determined by the inflation in the US and the Fed's response to it," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Inflation, as reported by the US Federal Reserve, rose 6.3 per cent in April from a year earlier, which is a notch below a four-decade high the country reported in March. It is reportedly the first slowdown since late 2020. Back home, Sensex closed Monday's trade at 55,926 points, up 1,041 points or 1.9 per cent, whereas Nifty at 16,669 points, was up 316 points or 1.9 per cent.

At 9.42 a.m., Sensex was 820 points up at 55,705, whereas Nifty 241 points up at 16,594 points. Other Asian markets too were in the green. Indices jumped as investors are reacting to growing optimism that the US Federal Reserve will be able to tighten the monetary policy without tipping the economy into recession, said Mohit Nigam, Head, PMS, Hem Securities.

Nifty IT was the top sectoral gainer at 2.5 per cent. Sensex closed at 54,885 points, up 632 points or 1.2 per cent, Nifty at 16,352 points,up 182 points or 1.1 per cent. With Friday's gains, indices have managed to chart on the positive territory for the second straight day.

Indian markets opened higher in line with Asian markets and sharply positive overnight US markets. At 9.58 a.m., Sensex was at 54,615.81 points, up 363.28 or 0.67 per cent, whereas Nifty at 16,293.55 points, up 123.40 or 0.76 per cent. Bajaj Finance, Bajaj Finserv, HDFC Life, HCL Technologies and Indusind Bank shares were the top five gainers among the Nifty 50 companies.