The local benchmark indices, Sensex and Nifty, gave way to profit taking at higher levels after reaching new highs in early trade. Investors are also watching tomorrow’s RBI results.
Each of the 13 main sectors saw growth. Leading the increase in high-weightage financials was HDFC Bank, which saw a 2.25% increase after registering sequential rise in deposits and advances in the March quarter.
Markets around the world rose as U.S. rate cuts were still on the table, despite the lack of clarity surrounding their timing, and the yen declined against all currencies save the dollar, which helped Japanese stocks.
The market is expected to consolidate in the upcoming days and begin reacting to Q4 data as they become available, according to both domestic and international cues. Accordingly, Q4 results will serve as the market’s next significant catalyst from a sectoral and stock-specific standpoint.”