On Tuesday, Indian share markets ended on a strong note as they registered this year's third highest daily close.
Benchmark indices bounced back in style and registered more than 2.5% gains.
The rally was led by the falling crude oil prices and appreciating rupee. Most of the sectors surged more than 2%.
On Wednesday, Indian markets were closed on the occasion of Ganesh Chaturthi.
At the closing bell on Tuesday, the BSE Sensex stood higher by 1,564 points (up 2.7%).
Meanwhile, the NSE Nifty closed higher by 446 points (up 2.6%).
Bajaj Finance, Bajaj Finserv, and IndusInd were among the top gainers.
There were no losers as all stocks from benchmark indices ended in green.
Broader markets ended on a positive note. The BSE MidCap climbed 1.9% and the BSE SmallCap index ended higher by 1.4%.
As the smallcap index heads higher, check out these five smallcap growth stocks which score well on ROE as well as ROCE.
Barring telecom sector, all sectoral indices ended on a firm note on Tuesday with stocks in the realty sector, IT sector, power sector, and finance sector witnessing most of the buying.
Shares of Page Industries, SFK India, and Bajaj Auto hit their 52-week high.
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Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 50,623 per 10 grams, on Wednesday.
At 7:40 AM today, the SGX Nifty was trading down by 280 points or 1.5% lower at 17,480 levels.
Indian share markets are headed for a gap-down opening today following the trend on SGX Nifty.
Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today's market and what to expect today, in the video below.
HUL share price will be among the top buzzing stocks today.
HUL on Tuesday launched transform plastic challenge. This challenge is to back Indian tech startups working in the space of plastic waste management. HUL will invest Rs 16 m each to five homegrown tech startups that are developing solutions for plastic waste, plastic reuse and compostable packaging.
Apart from this, as a part of the programme, the selected startups will also receive mentorship and additional support to grow their businesses.
Infosys share price will also be in focus today.
The second largest IT company in India has divested its entire holding in San Francisco based Trifacta Inc for US$ 12 m. The company had made the minority investment in Trifacta during 2016-2019 to enable non-technical users to easily transform data for analysis.
Market participants will also track shares of Nazara Technologies.
The company on Tuesday acquired US children's interactive entertainment company WildWorks.
The company acquired 100% stake for US$ 10.4 m. The acquisition will be funded out of internal accruals advanced as loan.
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Zee Entertainment on Tuesday announced that it has entered into a strategic licensing agreement with Disney Star by way of which it will gain licensing of the television broadcasting rights of the International Cricket Council's (ICC) Men's and Under 19 (U-19) global events for a period of 4 years.
The development comes just days after Disney Star was announced the bid winner of broadcast rights of all ICC events for a four-year deal from 2024 to 2027 for the Indian market. As per reports, Disney Star is paying around $3 bn for the rights.
Disney Star will continue to be the exclusive home for streaming of all ICC tournaments through its digital platform - Disney+ Hotstar. ICC has in-principle approved this arrangement, the company said in an official statement.
Commenting on the agreement, Punit Goenka, Managing Director of Zee Entertainment said,
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The rupee recovered sharply on Tuesday to below 79.50 per dollar, marking its largest gain in a year, after hitting a new all-time low by breaching the key psychological level 80-to-a-dollar in the previous session.
It was on the back of pull back in the dollar from two-decade peaks, with the greenback losing ground across against most major currencies.
The Indian rupee notched its biggest one-day gain in a year on Tuesday against a wobbly dollar as local equities saw a rush of foreign investor inflows.
The rupee's strength comes after the Reserve Bank of India (RBI) stepped in to prevent the currency from trading under 80 per dollar in the previous session, traders had told Reuters.
The dollar index losing steam ahead of US jobs data also lifted market sentiment. The partially convertible rupee surged 0.6% to 79.45 in its best session since 27 August 2021.
Rupee's appreciation often attracts FIIs as it adds to the return for foreign investors. Due to this August also marked the first month this year when overseas investors turned net buyers of India's government debt. On the day, yield on the 10-year paper dropped 6 basis points to 7.1893 per cent.
This month, FIIs have poured in about US$ 6 bn into Indian equities. This is the biggest inflow since December 2020.
India's economy grew at the fastest pace in a year from April-June 2022 quarter, as a favourable base effect and improved activities following the relaxation of pandemic-led restrictions outweighed the rippling effects of geopolitical and global concerns.
India posted double-digit growth of 13.5% in the fiscal first quarter, lagging the 15.2% estimate by Reuters and sharply higher than the 4.1% growth rate in the preceding quarter.
A rebound in private consumption and growth in contact-intensive sectors amid declining Covid-19 fears aided economic momentum in the first quarter.
SpiceJet's Chief Financial Officer (CFO) Sanjeev Taneja resigned on Wednesday. The resignation comes amid reports of widening losses and a series of mid-air incidents.
SpiceJet recently reported a loss of Rs 7.9 bn for the quarter ended June 2022.
The company had also registered a loss of Rs 4.9 bn for the quarter ended March 2022.
Yesterday, the company's employees also said that their salaries had been delayed for the second consecutive month, despite the company's claim that the payments were being made in a "graded format.
It remains to be seen how the above developments pan out.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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