Top 5 stocks of the day: Metal stocks gained 1% in domestic trade, the biggest of any sector. Hindalco Industries and Tata Steel gained 2% and 1.8%, respectively, to rank among the Nifty 50's top gainers so far.
The blue-chip Nifty 50 index added 4.33% in 2022, while the MSCI's gauge of stocks across the globe slumped 19.8%. Sustained gains in shares, however, will be seen if foreign investors continue to allocate funds to the market.
Top gainers & losers in closing trade
Dhani Services
38.80
+2.50(6.89)
Just Dial
675.10
+37.45(5.87)
Rail Vikas Nigam
78.15
+3.70(4.97)
Welspun Corp
225.80
+10.20(4.73)
APL Apollo Tubes
1188.90
+46.70(4.09)
Future Lifestyle Fashions Ltd
6.85
-0.35(-4.86)
Star Health & Allied Insunc Co
539.15
-26.55(-4.69)
Bank of India
89.35
-4.05(-4.34)
Tata Investment Corporation
2220.85
-93.65(-4.05)
ICICIGI
1200.15
-49.15(-3.93)
Rupee firms as Asian currencies rebound; forward premiums jump
The Indian rupee rose on Wednesday, aided by gains in other Asian developing market peers, while traders reported minor dollar inflows.
The rupee concluded the session at 81.24 per dollar, having traded near its Tuesday close of 81.76 for the majority of the day. It had fallen 0.5% on the first two days of the week.
Four dealers said state-run banks sold dollars on the day, although they were unsure why. They also believed that certain bond-related inflows were making their way into the market.
Forward premiums on the rupee increased, with the 1-year indicated yield reaching a two-month high of 2.35%, with traders once again pointing to public sector bank activity.
Top 5 stocks of the day: Foreign trade
Indian equities rose in early trade on Wednesday, as foreign investors turned net buyers of domestic shares after unloading funds in their longest selling streak in six months.
On Tuesday, foreign institutional investors ended a seventeen-day sales streak by purchasing 2.11 billion rupees ($25.85 million) in net equity purchases. Since December 23, they had sold shares worth 246.51 billion rupees ($3.02 billion).
Domestic valuations are not cheap after India outperformed major global benchmarks last year, and with China reopening its borders, capital are being transferred to economies with more appealing valuations, according to analysts.
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