Markets close marginally higher on Wednesday - ICICIdirect

The Indian markets are expected to open flat on the back of mixed global cues. The markets closed marginally higher during Wednesday's trading session after the positive opening earlier in the day. The market sentiment was upbeat in the morning session on the back of the Finance Minster's assurance of following the path of fiscal prudence in order to contain India's fiscal deficit at an investor summit with global fund managers in Hong Kong on Tuesday. The market sentiment, however, faded away in the afternoon session with selling pressure witnessed across the real estate & infrastructure space. The markets bucked the downward trend during the last hour of trading session and eventually ended in the green. Selling pressure was witnessed in realty, consumer durables and auto stocks but good buying interest was seen in telecom stocks on the back of news of tariff hike in voice call rates across the board. The Sensex closed at 20026.6, up by 45 points or 0.2% while the Nifty ended at 6054.3, up by 5.8 points. The Sensex has supports at 19920 and 19850 and resistances at 20070 and 20160. The Nifty spot has supports at 6020 and 6000 and resistances at 6080 and 6105.

The US markets sentiment was positive during Wednesday's trading session and all major indices ended the day in the positive territory although buying interest was somewhat subdued. The market sentiment was upbeat on the back of better than expected quarterly results by conglomerates like Google, IMB & McDonalds. The market optimism was also on the back of approval of a bill by legislators that would temporary suspend the US debt limit for nearly four months. On Tuesday, the Dow was up by 67.1 points or 0.5% to 13,779.3 while the Nasdaq was up by 10.5 points to 3153.7. The S&P 500 closed up by 2.3 points to 1,494.8.

Source : Equity Bulls

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