Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
Indian indices opened higher today amid mixed global cues. At the time of closing Sensex was up by 616.62 points or 1.16% at 53,750.97 and Nifty 50 was up by 178.95 points or 1.13% at 15,989.80.
During the day, Benchmark indices ended on a positive note. The food ministry has called a meeting with edible oil industry bodies and manufacturers to discuss reduction in the retail prices of cooking oils amid a fall in global prices. Asian stocks slipped and the dollar stood by a two-decade high on the euro on Wednesday as investors' fears deepened that the continent is leading the world into recession, while oil and European equity futures attempted to steady after a slide. New orders for U.S.-manufactured goods increased more than expected in May. The dollar, holding at a 20-year peak against the euro and multi-month highs against other major peers as higher gas prices and political uncertainty renewed recession fears and sent investors scrambling to the safe-haven currency. Indian rupee opened 14 paise higher at 79.23 per dollar. Gold hovered near a fresh seven-month low on Wednesday, with the dollar perched at a two-decade peak. On the sectoral front, Auto, FMCG, Realty and Bank indices gained 1%-2%, while selling was seen in the Metal stocks.
Nifty 50 top gainers are BajajFinance, BajajFinSv, Britannia, Hindunilvr & EicherMot while ONGC, PowerGrid, Hindalco, HDFCLife & NTPC were among the top losers.