New Delhi [India], July 20 (ANI): Indian stock indices extended their gains from the previous session and traded sharply higher in early trade on Wednesday. This is the fourth consecutive session of gains in the domestic indices.
The latest decline in crude oil prices coupled with signs of domestic inflation plateauing has somewhat lent support to the domestic indices.
At 9.30 a.m., Sensex was at 55,428.21 points, up 660.59 points or 1.21 per cent, whereas Nifty was at16,535.35 points, up 194.80 points or 1.19 per cent.
“Results from the leading financials are likely to be good and the ongoing rally may continue. After the recent correction, IT valuations are attractive. If the US succeeds in avoiding a recession, IT will bounce back smartly,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Among the Nifty 50 stocks, 47 of them traded in the green this morning, with the rest 3 in the red, National Stock Exchange data showed.
However, the consistent depreciation in the value of the rupee is a pain point among investors. On Tuesday, it touched yet another historical low to touch the 80 mark against the US dollar.
“The narrow band of 79.85-80.15 outlined for yesterday, held firm, setting up the environment for a breakout soon. We will continue our vigil along this range, before playing directional moves, with 79.95 continuing to be a crucial pivot,” said Anand James – Chief Market Strategist at Geojit Financial Services. (ANI)