INSUBCONTINENT EXCLUSIVE:
Domestic equity market ended higher on Wednesday on better-than-expected macro data as well as a hike in minimum support prices (MSP) by the
government for kharif crops for FY19
Buying in financials, auto and FMCG counters further aided the rally.
The BSE Sensex advanced 266.80 points, or 0.75 per cent, to 35,645.40,
while the NSE Nifty index gained 70 points, or 0.65 per cent, to 10,769.90.
As many as 26 stocks in the Nifty index closed in green with
Bajaj Auto gaining the most 4.42 per cent, followed by Lupin (up 3.86 per cent), Maruti Suzuki (up 2.78 per cent), Bajaj Finserv (up 2.55
per cent) and HDFC (up 2.30 per cent).
On the other hand, HPCL, Grasim, Cipla, NTPC and Vedanta dipped between 1 per cent and 3 per
June and registered the fastest rate of expansion in a year, supported by robust increase in new business orders, said a monthly survey
The seasonally adjusted Nikkei India Services Business Activity Index rose from 49.6 in May to 52.6, registering the fastest growth since
June 2017.
The broader market indices, BSE Midcap and Smallcap, underperformed the benchmark
The government increased MSP for paddy by Rs 200 per quintal as it looked to fulfil its poll promise to give farmers 50 per cent more rate
than their cost of production
The decision, taken by the Cabinet headed by Prime Minister Narendra Modi, comes less than a year before general elections.
Asian peers
settled mixed as trade jitters continued to simmer ahead of the July 6 deadline, when US tariffs on Chinese goods are due to take effect
The yen rose against the dollar and the euro advanced amid fading political risks in Germany, while oil prices remained supported by data
showing a larger-than-expected fall in US stockpiles
after buying interest at lower levels pushed stocks higher
Market sentiment was given a boost after the seasonally adjusted Nikkei India Services Business Activity Index rose to 52.6 in June
Strong macro readings raised investor hopes for recovery in economic activity in the country
On the sectoral front, while the IT, media and PSU banking indices ended marginally lower, sharp gains were seen in the banking, auto and
