Bengaluru: Indian shares swung between gains and losses on Wednesday before declining as caution prevailed ahead of key corporate earnings as well as domestic and US inflation data due later in the day.
smelly 50 index closed down 0.28% at 19,384.30, while the S&P BSE Sensex fell 0.34% to 65,393.90.
Six out of 13 major sectoral indices posted gains, with public sector banks rising 0.83%.
Ahead of Q1 results, high-weight IT declined 0.71% and was the top gainer in the sector. Tata Consultancy Services and HCLTech, payable after market hours.
Several brokerage firms have warned of a slow quarter for the IT sector as clients in the United States and Europe – the two biggest markets for the sector – cut spending.
“From here on, any bullish rally is unlikely, especially with rising concerns over food inflation due to an uneven monsoon,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.
“Investors are advised to remain cautious and use buy on dips approach. Nifty 50 has strong support near 18,900-19,100 levels, but gains may be limited due to high valuations.”
So far in FY2024, both Nifty 50 and Sensex have gained over 11%.
India’s retail inflation is likely to hit a four-month low in June on rising food prices, a Reuters poll of economists showed.
State-owned lenders Indian Bank and Union Bank rallied over 4% and 1%, respectively, after global brokerage Investec initiated coverage on the tier-2 public sector lender with a “buy” citing rating comfort. Hui.
Online gaming firm Delta Corp plunged more than 23% Nazara Technologies And OnMobile Global lost between 1% and 3.5% after the government imposed a 28% tax on the turnover of online gaming companies.
Asian and European shares rose more than 0.7% ahead of US inflation data.
smelly 50 index closed down 0.28% at 19,384.30, while the S&P BSE Sensex fell 0.34% to 65,393.90.
Six out of 13 major sectoral indices posted gains, with public sector banks rising 0.83%.
Ahead of Q1 results, high-weight IT declined 0.71% and was the top gainer in the sector. Tata Consultancy Services and HCLTech, payable after market hours.
Several brokerage firms have warned of a slow quarter for the IT sector as clients in the United States and Europe – the two biggest markets for the sector – cut spending.
“From here on, any bullish rally is unlikely, especially with rising concerns over food inflation due to an uneven monsoon,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.
“Investors are advised to remain cautious and use buy on dips approach. Nifty 50 has strong support near 18,900-19,100 levels, but gains may be limited due to high valuations.”
So far in FY2024, both Nifty 50 and Sensex have gained over 11%.
India’s retail inflation is likely to hit a four-month low in June on rising food prices, a Reuters poll of economists showed.
State-owned lenders Indian Bank and Union Bank rallied over 4% and 1%, respectively, after global brokerage Investec initiated coverage on the tier-2 public sector lender with a “buy” citing rating comfort. Hui.
Online gaming firm Delta Corp plunged more than 23% Nazara Technologies And OnMobile Global lost between 1% and 3.5% after the government imposed a 28% tax on the turnover of online gaming companies.
Asian and European shares rose more than 0.7% ahead of US inflation data.