BSE Sensex and Nifty traded higher on Wednesday, lifted by positive sentiment following the Reserve Bank of India's 50-basis-point rate cut yesterday. Higher global markets also lifted the sentiment. The Sensex rose 300 points at its day's high while Nifty surged to 7,925. At 1:48 p.m., the Sensex was up over 200 points while Nifty was near 7,900.
Here Are Top 10 Developments:
1) Analysts say that the bigger-than-expected rate cut from Reserve Bank of India has turned the market undertone positive in the near term.
2) However, markets are likely to see selling pressure at higher levels, say analysts. 8,050 is resistance level for Nifty, says market analyst Rajat Bose.
3) Upcoming Bihar (state) elections and the September quarter earnings season will make investors cautious, analysts say.
4) Nifty could rise to 8,200 levels, if 8,050 is taken out, Mr Bose added.
5) Selling pressure from foreign investors is also likely to keep a cap on gains. Foreign investors have so far this month have sold (net) nearly Rs 6,000 crore worth of Indian equities.
6) Metal stocks were the biggest gainer today with the BSE metal index rising over 2 per cent. Value-buying after their recent selloff and overnight gains in commodity prices lifted metal stocks.
7) However, banking stocks saw some profit-taking today. The Bank Nifty was down 1 per cent.
8) The breadth of the market was also strong with BSE midcap and smallcap indices rising nearly 1 per cent.
9) The rupee today rose to 65.70/dollar at its day's high against its previous close of 66.04.
10) Most Asian markets ended higher with Japan's Nikkei rallying 2.7 per cent. Most of the European markets were sharply higher in early trade.
Here Are Top 10 Developments:
1) Analysts say that the bigger-than-expected rate cut from Reserve Bank of India has turned the market undertone positive in the near term.
2) However, markets are likely to see selling pressure at higher levels, say analysts. 8,050 is resistance level for Nifty, says market analyst Rajat Bose.
3) Upcoming Bihar (state) elections and the September quarter earnings season will make investors cautious, analysts say.
4) Nifty could rise to 8,200 levels, if 8,050 is taken out, Mr Bose added.
5) Selling pressure from foreign investors is also likely to keep a cap on gains. Foreign investors have so far this month have sold (net) nearly Rs 6,000 crore worth of Indian equities.
6) Metal stocks were the biggest gainer today with the BSE metal index rising over 2 per cent. Value-buying after their recent selloff and overnight gains in commodity prices lifted metal stocks.
7) However, banking stocks saw some profit-taking today. The Bank Nifty was down 1 per cent.
8) The breadth of the market was also strong with BSE midcap and smallcap indices rising nearly 1 per cent.
9) The rupee today rose to 65.70/dollar at its day's high against its previous close of 66.04.
10) Most Asian markets ended higher with Japan's Nikkei rallying 2.7 per cent. Most of the European markets were sharply higher in early trade.
