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.
Also Read: Hyundai Verna 2023 spied, may come with a dual screen setup, all details here
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.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER