The Indian benchmark indices soared by more 1% during the intra-day trade on Wednesday. The NSE Nifty 50 is up 1.14% or points 221.05 at 19,664.60, whereas the BSE Sensex jumped 1.08% or 700 point at 65,633.87.

“US CPI coming lower than expected and prior data weighed heavily on the US Dollar Index that crashed nearly 1.50% yesterday as the ten-year US yields slumped 4% to below 4.50% mark. The US CPI m-o-m came in at 0% Vs the forecast of 0.10%, while y-o-y reading at 3.20% trailed the forecast of 3.30%. China’s industrial production and retail sales data released this morning were better than expected, though UK’s inflation (October) and Japan’s Q3 GDP fell short of expectations. Markets don’t see any rate hikes in December now, while even January rate hike odds have fallen to merely 7% now. Risk-on sentiments, Goldilocks US data and soft yields are supportive for the Indian Rupee, though upside looks limited as the core US CPI y-o-y still stands at 4%, which is double the Fed’s target. The pair may trade between Rs 82.80 and Rs 83.30 in the near-term,” said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

(Source: NSE)

Yes Bank, HDFC Bank, Coal India, MCX and ICICI Bank are among the most active stocks on the NSE.

“The Indian stock market witnesses a substantial gap-up opening, with a one percent surge on Wednesday fueled by positive global news. Virtually all sectors maintain positive momentum, with IT and Banking leading the way. The upswing in IT stocks is attributed to the recent easing of inflation concerns in the United States. Today, Nifty opens above its Call base at 19,500 levels. From a technical standpoint, the 19,700 level remains a significant resistance for Nifty, while support is observed in the range of 19,450-19,400. For Bank Nifty, the overall trend is likely to stay positive, with a substantial resistance zone identified at 44,300-44,500 and support at 43,500 on the downside.”

– Shrey Jain, Founder and CEO SAS Online.

Tech Mahindra, Hindalco Industries, ONGC, Eicher Motors and LTIMindtree are the top gainer on NSE Nifty 50, while the laggards include Power Grid Corporation, IndusInd Bank, Britannia Industries, Mahindra & Mahindra and Sun Pharma.

(Source: NSE)

The share price of Natco Pharma jumped 9% after the company reported a net profit of Rs 369 crore in the second quarter of FY24.

“Bank Nifty has also witnessed a range bound session for quite some time, hovering between 43,500 and 44,200 levels, and would need a decisive breach above the important 50-period DMA level of 44,250 to establish some conviction. PSU Bank has outperformed PVT Bank in the last session and looks good in the coming days. The index would have an important support zone of 43,300 of the significant 200-period MA, which needs to be sustained and expects a further rise from current levels. Bank Nifty would have a daily range of 43,600–44,600 levels,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher.

The Nifty IT index soared 2.26% during the early trade on Wednesday. Mphasis and Coforge led the gains and surged 4.14% and 3.50%, respectively. LTIMindtree, Tech Mahindra, Wipro, and Infosys also rallied over 2% each.

“Gold prices inched higher as the Dollar and Treasury yields retreated after softer than expected U.S. consumer inflation data, which fuelled more bets that the Federal Reserve may be done hiking interest rates. US inflation fell more than expected to 3.2% in October, the first decline in four months, compared with a 3.7% rise in the 12 months to September, US Core CPI was also reported 0.1% lower than estimates. CME Fed-Watch tool suggests that the market is pricing in a 100% chance that the US central bank will leave rates unchanged in December v/s 86% before the inflation report. The dollar index fell 1% hovering around 104 mark, while benchmark 10-year US Treasury yields hit a more than one-month low after the data, supporting the safe haven appeal for both gold and silver prices. Market participants are still over the edge regarding the geo-politcial tensions between Israel & Palestine and it’s future ahead. Focus today will be on US PPI and Retail sales data from major economies,” said Manav Modi, Analyst- Commodity and currency, Motilal Oswal Financial Services.

“Nifty weekly contract has highest open interest at 19,500 for Calls and 19,400 for Puts while monthly contracts have highest open interest at 19,500 for Calls and 19,000 for Puts. Highest new OI addition was seen at 19,500 for Calls and 19,100 for Puts in weekly and at 20,100 for Calls and 19,100 for Puts in monthly contracts. FIIs increased their future index long position holdings by 3.00%, decreased future index shorts by 4.06% and increase in index options by 1.70% in Call longs, 0.23% in Call short, 3.19% in Put longs and 0.13% in Put shorts.,” said Anand James, Chief Market Strategist at Geojit Financial Services.

“The October US inflation data is a game changer for the stock market. The 3.2% October inflation print is lower than expected. More importantly, the mere 0.2% MoM increase in core inflation is hugely positive. The takeaway from these numbers is that the Fed is done with rate hikes and the timeline for rate cuts in 2024 is likely to be advanced. The sharp recovery in US markets will be reflected in India, too. Short covering can add to the rally. FIIs are likely to turn buyers, lest they miss out on the rally in the best performing large economy in the world. Leading financials which were weighed down by FII selling will bounce back. Decline in CPI inflation in India is also a favourable factor. Across sectors, a rally is likely. Financials, automobiles, real estate ,cement and platform digital companies will attract investment from DIIs, HNIs and retail investors. The tug of war between FIIs and DIIs is clearly in favour of DIIs.”

– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Nifty Index soared over 2% during the early trade on Wednesday. The Phoenix Mills and Oberoi Realty led the gains and surged 7.48% and 2.46% respectively, while Sobha, Prestige Estates and Godrej Properties rallied over 1% each.

Hindalco Industries, LTIMindtree, Infosys, ONGC and Tech Mahindra are the top gainers on the NSE during the early trade Wednesday.

The NSE Nifty 50 opened at 19,651.40 up 1.06%, while the BSE Sensex opened at 65,461.54 up 527.67 points.

The NSE has added Hindustan Copper, Indiabulls Housing Finance, SAIL, Chambal Fertilisers and Chemicals, Delta Corp, Manappuram Finance, and Zee Entertainment Enterprises to its F&O ban list for November 15, 2023.

Foreign institutional investors (FII) offloaded shares worth net Rs 1,244.44 crore, while domestic institutional investors (DII) added shares worth net Rs 830.40 crore on November 13, 2023, according to the provisional data available on the NSE.

WTI crude prices are trading at $78.26 down 0.03%, while Brent crude prices are trading at $82.50 down 0.04%, on Wednesday morning.

The S&P 500 and Nasdaq posted their biggest daily percentage gains since April 27 on Tuesday as softer-than-expected inflation data supported the view that the Federal Reserve may be done raising interest rates, reported Reuters. The tech-heavy Nasdaq Composite soared 326.64 points or 2.37% at 14,094.38. The S&P 500 climbed 84.15 points or 1.91% at 4,495.7, while the Dow Jones Industrial Average jumped 489.83 points or 1.43% to 34,827.7.