Sensex, Nifty end with minor gains; Energy index outperforms

The domestic equity benchmarks ended with minor gains on Wednesday, extending gains for the fourth trading session.

The Nifty opened higher and hit the day's high of 17,607.60 in the mid-morning trade. It briefly slipped into the negative terrain to hit the day's low of 17,472.85 in late trade. However, the index bounced back and managed to close with minor gains.

The barometer index, the S&P BSE Sensex, rose 146.59 points or 0.25% to 59,107.19. The Nifty 50 index gained 25.30 points or 0.14% to 17,512.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index shed 0.03%. The market breadth was negative.

Among the sectoral indices, the S&P BSE Energy index (up 0.45%), the S&P BSE FMCG index (up 0.42%) and the S&P BSE Realty index (up 0.38%) outperformed the benchmark Sensex. The S&P BSE Utilities index (down 1.61%), the S&P BSE Power index (down 1.38%) and the S&P BSE Metal index (down 0.94%) underperformed the benchmark Sensex.

The domestic equity barometers extended their upward movement for fourth day on Wednesday, supported by firm cues from global markets and a recent drop in oil prices as India is the third largest importer of oil. In four consecutive sessions, the Sensex has jumped 3.27% while the Nifty has increased by 2.93%.

Further, strong buying from DIIs has completely overwhelmed the selling pressure caused by FII selling. In the past three session, DIIs have bought a total of Rs 5,290 crore worth stocks in the cash market, sharply outperforming the equities sold by FIIs worth Rs 1,537 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.32% to 7.450 as compared with 7.426 at close in the previous trading session.

In the foreign exchange market, the rupee hits a fresh record low against the US dollar. The currency opened at 82.3225 and touched a fresh all-time low of 83. Currently, the partially convertible rupee was hovering at 82.40, compared with its close of 82.40 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement shed 0.56% to Rs 50,134.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.43% to 112.61.

The United States 10-year bond yield rose 1.72% to 4.067.

In the commodities market, Brent crude for December 2022 settlement rose $1.06 or 1.18% at $91.09 a barrel.

Global Markets:

Most of the European shares advanced while Asian stocks ended mostly lower on Wednesday as traders assessed a solid start to the corporate-earnings season that helped extend a rally in US markets.

The U.K. reported a rise in the consumer price index to 10.1% in September on Wednesday, matching the 40-year high posted by the Office for National Statistics (ONS) in July.

The rate rose in the year to September 2022 as the country's cost-of-living crisis continues to hammer households and businesses ahead of a tough winter. Inflation unexpectedly dipped to 9.9% in August, down from 10.1% in July, on the back of a fuel price decline. Increasing food, transport and energy prices were the biggest contributing factors to inflation, the ONS said.

Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally.

Production at US factories spiked in September. Manufacturing output rose 0.4% last month, keeping pace with an upwardly revised 0.4% gain in August, the Federal Reserve said on Tuesday. Output increased 4.7% from a year earlier.

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