Indian Stock Market Update: Nifty and Sensex Rise for Fifth Consecutive Session
The Indian stock market continued its upward trend on Wednesday, with the NSE Nifty 50 and BSE Sensex closing in the green for the fifth consecutive session. The Nifty ended 69.9 points higher at 25,050.55, while the Sensex closed 213.45 points up at 81,857.8.
Global Market Trends
US index futures fell during Asian trade after minutes of the Federal Open Market Committee’s July 29-30 meeting showed most officials highlighted inflation risks as outweighing concerns over the labor market at their meeting last month. The S&P 500 futures were down 0.2%, while the Euro Stoxx 50 futures were also down 0.2%.
Key Events for the Day
HSBC will release preliminary August surveys for manufacturing and services PMI. The monsoon session of Parliament will come to an end, and the Ministry of Coal will launch the 13th round of commercial coal mine auctions.
Market Movers
The FPIs sold stocks worth approximately Rs 1,100 crore, according to provisional data from the National Stock Exchange. The DIIs, who have been buyers for the 32nd straight session, mopped up stocks worth Rs 1,806 crore.
Company Updates
Shree Cement’s income tax demand for fiscal year 2021-22 has been reduced from Rs 588.65 crore to Rs 221.72 crore following a rectification order. UltraTech Cement’s MPS Committee has approved the sale of up to 2.01 crore equity shares, representing a 6.49% stake in the India Cements Ltd, through a stock exchange mechanism.
Other Notable Updates
Jupiter Wagons’ arm Jupiter Tatravagonka Railwheel Factory has received a letter of intent for supply of total 5,376 wheelsets for Vande Bharat Train for an order value of approximately Rs 215 crore. Poonawalla Fincorp’s board of directors approved issuance of non-convertible debentures of face value of Rs 1 lakh each for an amount aggregating up to Rs 500 crore, in dematerialized form, through private placement.
What to Expect Today
The Indian stock market is expected to remain volatile today, with investors keeping a close eye on global market trends and key events. The Nifty is likely to face resistance at 25,200, while the Sensex may face resistance at 82,000.
Conclusion
In conclusion, the Indian stock market continued its upward trend on Wednesday, with the NSE Nifty 50 and BSE Sensex closing in the green for the fifth consecutive session. Investors will be keeping a close eye on global market trends and key events today, and the market is expected to remain volatile.
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