IANS | 11 Oct, 2023
Market sentiments were buoyed after the International Monetary Fund
(IMF) raised India's FY24 GDP growth forecast to 6.3 per cent from 6.1
per cent, and strong quarterly business updates coming from several
corporates, said Siddhartha Khemka, Head of Retail Research at Motilal
Oswal Financial Services.
At close on Wednesday, Nifty was up 0.62
per cent or 121.5 points at 19,811.35, while Sensex settled at
66,473.05, up 394 points or 0.60 per cent.
Among the sectors, the major gainers were auto, FMCG and realty, while PSU bank and IT closed in red.
"Going
forward, we expect the market momentum to continue on the back of
positive global cues, easing of US bond yields, and strong domestic
economic position. Further, with the start of Q2 results, we expect a
lot of stock-specific action as well as sectoral rotation in the
market," Khemka said.
The IT sector will be in focus as TCS will
announce its Q2FY24 post-market results on Wednesday, followed by
Infosys and HCL Tech on Thursday.
On the economic front,
investors will take cues from the FOMC meeting minutes and US core PPI
data to be released late on Wednesday. Markets will also watch for UK
GDP data, India CPI and manufacturing output data and US CPI data to be
released on Thursday, Khemka said.
Vinod Nair, Head of Research at
Geojit Financial Services, said the total market breadth is strong, as
investors believe that the Middle East skirmish will be contained within
the region and should not impact crude price. Amid dovish comments from
the US federal reserve, the US 10-year bond yield traded lower.
Sequentially,
the September CPI is expected to cool due to ease in food and fuel
inflation. And Q2 earnings season will kick-start with the IT sector,
which has a moderate expectation, however, the broad corporates are
expected to provide a bumper result, he said.
