Value buying, positive Asian markets push equity indices higher (Roundup)

Broadly positive Asian markets, along with value buying pushed the key Indian equity indices higher on Wednesday.

However, some gains were ceded as caution prevailed ahead of the US Federal Reserve's FOMC (Federal Open Market Committee) meet which is slated to begin later in the evening.

According to market observers, healthy buying was witnessed in capital goods, banking and oil and gas stocks.

Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed the day's trade at 33,136.18 points, up by 139.42 points or 0.42 per cent, from its previous close of 32,996.76 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged higher during the day's trade. It gained 30.90 points, or 0.31 per cent, to 10,155.25 points.

"Markets rallied further on Wednesday after the bounce back seen on Tuesday. A sell-off from the highs curbed the gains," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

"Major Asian markets have closed on a mixed note. European indices like FTSE

100 and CAC 40 are trading in the red."

Vinod Nair, Head of Research at Geojit Financial Services, said: "Market reversed from opening gain as investors utilised the initial rally to book profit and stay cautious ahead of (US) Fed policy."

"Additionally, participants are keen to get cues on future rate hike trajectory, while hawkish pace of tightening might add volatility in the market. If the outcome of FOMC will be in-line with expectation without any underlining caveats, we could have a relief rally in the short-term."

On the currency front, the Indian rupee closed flat at 65.21 against the US dollar from its previous close at 65.20.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 98.44 crore and domestic institutional investors worth Rs 197.78 crore.

Sector-wise, the S&P BSE capital goods index surged by 103.50 points, followed by banking index by 61.81 points and oil and gas index by 47.26 points.

On the other hand, the S&P BSE metal index declined by 72.73 points, healthcare index by 62.30 points, and automobile index by 28.38 points.

Major Sensex gainers on Wednesday were: Bharti Airtel, up 4.61 per cent at Rs 418.60; NTPC, up 2.47 per cent at Rs 170.20; Larsen and Toubro, up 1.14 per cent at Rs 1,308.40; HDFC, up 1.05 per cent at Rs 1,818.85; and HDFC Bank, up 1 per cent at Rs 1,857.65.

The Sensex losers were: Tata Steel, down 1.85 per cent at Rs 582.35; Tata Motors, down 1.58 per cent at Rs 333.90; Adani Ports, down 1.44 per cent at Rs 363.90; Hero MotoCorp, down 1.25 per cent at Rs 3,469.35; and Sun Pharma, down 0.82 per cent at Rs 504.70.

--IANS

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