The Indian stock market traded on a positive note on Wednesday morning with the BSE Sensex rising over 200 points, in tandem with its Asian peers. Further healthy buying in the IT and metal stocks supported the indices.
Around 10.15 a.m., Sensex was trading at 52,752.58, higher by 202.92 points or 0.39 per cent from its previous close of 52,549.66. It opened at 52,651.09 and has so far recorded an intraday high of 52,764.28 and a low of 52,630.91 points.
The Nifty50 on the National stock Exchange was trading at 15,805.95, higher by 57.50 points or 0.37 per cent from its previous close. The top gainers on the Sensex were Tata Steel, Infosys and Tech Mahindra, while the major losers were Power Grid, NTPC and ICICI Bank.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Nifty is clearly range bound, between 15,400 and 15,900. Until either level is not crossed, we will not witness a meaningful move. The bias is still on the upside and therefore any dip can be utilised to accumulate long positions for a target of 16,100."
The market received some positive news such as food delivery app Zomato, which is working to explore public markets later this year, reaching an agreement to invest $100 million in online grocer Grofers for about a 10 per cent stake.
Positive Signals
In another positive development, EY India in its June report said,"The primary focus of the fiscal stimulus package should be on the health sector. This could ensure meeting the short-term healthcare demand arising from Covid's second wave and a possible third wave besides supporting growth and employment in the economy."
As per the report, fiscal stimulus package should focus on income support measures for the vulnerable rural and urban populations, besides making provisions for additional vaccination expenditure in view of the Center's recent commitment to finance 75 per cent of the country's total vaccine procurement.
