Foreign portfolio investors were net sellers at \u20b92,832 crore on Wednesday, while DIIs, bought shares worth \u20b93,788 crore. Companies reporting results on Wednesday include M&M, HAL, GAIL, Info Edge, Vodafone Idea, and Biocon, among others.<\/p>\r\n
Asian stock markets rallied on Thursday, buoyed by Wall Street’s surge to all-time peaks overnight after a milder U.S. inflation report raised expectations the Federal Reserve will deliver two interest rate cuts this year.<\/p>\r\n
The dollar remained on the back foot, sagging to fresh multi-week lows against peers including the euro and sterling.<\/p>\r\n
U.S. Treasury yields extended their retreat in Tokyo trading, sinking to six-week troughs. That helped the beaten-down yen to continue its recovery, even as data showed the Japanese economy contracted more than expected in the first quarter.<\/p>\r\n
Gold marched back toward record levels and crude oil added to gains after rebounding strongly overnight from a two-month trough.<\/p>\r\n
U.S. data on Wednesday showed the consumer price index (CPI) rose by 0.3% in April, below an expected 0.4% gain, raising hopes the Fed can cut rates by 50 basis points this year, with the first quarter-point reduction fully priced for September.<\/p>\r\n
The data provided succour to markets after higher-than-expected U.S. consumer prices in the first quarter had led to a sharp paring of rate cut bets and even stoked some worries of an additional hike.<\/p>\r\n
“The expression of relief ripples through risky assets, with markets coming alive the moment we saw U.S. core CPI,” Chris Weston, head of research at Pepperstone, wrote in a report.<\/p>\r\n
“All in all, after three months of troubling price pressures, this is a report that will sit well with (Fed Chair) Jay Powell and co.”<\/p>\r\n
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 1.5%. Hong Kong’s Hang Seng and Australia’s stock benchmark each rallied about 1.6%.<\/p>\r\n
Japan’s Nikkei advanced more than 1%.<\/p>\r\n
“U.S. CPI inflation provided relief that the Fed’s last mile towards its 2% inflation target may become less complicated,” DBS Group strategists wrote in a client note.<\/p>\r\n
“Market participants are sufficiently satisfied to keep the soft-landing narrative going, buoying risk sentiment in the process.”<\/p>\r\n
Japan’s currency was a standout on Thursday, far outpacing gains against the dollar among major peers.<\/p>\r\n
The dollar was last down 0.66% at 153.86 yen, from as high as 156.55 in the previous session.<\/p>\r\n
The 10-year U.S. Treasury yield, which the dollar-yen pair tends to track, slipped as low as 4.705% for the first time since April 5 in Tokyo trading.<\/p>\r\n
The dollar index, which measures the currency against the yen, euro, sterling and three other rivals, touched a five-week low of 104.07.<\/p>\r\n
The euro rose to $1.0895, the highest since March 21, and sterling reached $1.27005 for the first time since April 10.<\/p>\r\n
Also benefitting from broad dollar weakness, leading cryptocurrency bitcoin marked a fresh three-week top at $66,694.89 following Wednesday’s more than 7% advance.<\/p>\r\n
“It’s hard to go past the move in crypto,” said Pepperstone’s Weston.<\/p>\r\n
“The 23 April swing high of $67,252 is the near-term target and the level to watch,” he added. “A break here and we will likely see traders chasing this move for a push into $70,000.”<\/p>\r\n
Gold rose as high as $2,397.32, pushing toward the all-time peak of $2,431.29 from April 12.<\/p>\r\n
Brent futures rose 39 cents, or 0.47%, to $83.14 a barrel, while U.S. West Texas Intermediate crude (WTI) gained 42 cents, or 0.53%, to $79.05, adding to Wednesday’s strong gains.<\/p>\r\n
The PSU Bank and Auto indices were the top sectoral losers, while the IT and Realty indices were the top two gainers.<\/p>\r\n
The Bank, Auto, FMCG, Metal, Pharma, Private Bank, and Oil & Gas indices were also trading in the red, while Consumer Durables, Healthcare, Financial Services, and Media indices were trading in the green.<\/p>\r\n
Sensex Nifty Reached at 22,160 but Gain in Auto Sensex Today Live Updates: Broader markets gain, Auto, FMCG, Pharma, Health drag; Broader market indices heat map- details Foreign portfolio investors were net sellers at \u20b92,832 crore on Wednesday, while DIIs, bought shares worth \u20b93,788 crore. Companies reporting results on Wednesday include M&M, HAL, GAIL, Info […]<\/p>\n","protected":false},"author":6,"featured_media":6298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-6515","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-market-overview","post_format-post-format-image"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/comments?post=6515"}],"version-history":[{"count":4,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6515\/revisions"}],"predecessor-version":[{"id":8540,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/posts\/6515\/revisions\/8540"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media\/6298"}],"wp:attachment":[{"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/media?parent=6515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/categories?post=6515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gwcindia.in\/blog\/wp-json\/wp\/v2\/tags?post=6515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}