Delhi, 14 May (H.S.): Indian indices began on a positive note on Wednesday, with the Nifty 50 opening at 24,613.80, just 1,663.55 points shy of its peak, while the Sensex climbed to 81,278.49. Tuesday saw a significant reset in the market, with a 350-point decline in the benchmark index, reversing nearly 40% of gains from that day. Despite this, the Nifty maintained above 24,500, showing resilience and achieving a higher daily high than Monday. A tech-driven positive close in the US markets, where the S&P 500 and Nasdaq reduced their annual losses, bolstered sentiment. GIFT Nifty indicated a favorable outlook for Indian markets, even with mixed Asian signals. Key Indian firms, including Tata Motors and Bharti Airtel, prepare for a response to their latest financial reports.
On the earnings front, notable companies like Eicher Motors and Hindustan Aeronautics are set to report today. In live updates, Tata Elxsi's partnership with Mercedes-Benz India for software-defined vehicles and TCS's tie-up with Mongolia’s Khan Bank to boost digital banking were announced. Meanwhile, shares of Garden Reach Shipbuilders surged over 14% after a strong Q4 report, and analysts predict a positive trajectory for Info Edge.
In other news, HSBC has upgraded UPL to 'Buy' and Sterling Tools is set to manufacture magnet-free EV motors through a partnership in the UK. Nuvama has also upgraded Tata Steel to 'Buy.'
Indian markets experienced some consolidation, with the Nifty retracting its Monday gains and finding immediate support at 24,485. Bank Nifty's support sits at a 20-day moving average of 54,504, with a break above the previous high of 55,550 being crucial. Cipla predicts margin pressures for FY26 and FY27 due to the upcoming phased-out gRevlimid.
Asian equities opened flat following positive Wall Street performances, with chip stocks gaining after Nvidia announced an 18,000 chip sale, leading to a 6% rise in its stock. Additionally, foreign institutional investors (FIIs) net sold ₹476.86 Cr in equities while domestic institutional investors (DIIs) net bought ₹4,273.80 Cr. Notably, inflation data revealed April's CPI at a near six-year low of 3.16%.
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Hindusthan Samachar / Jun Sarkar
