Stock Market Today: Indian shares opened slightly higher on Wednesday as investors watched with caution for the release of the GNP data and the speech by U.S. Federal Reserve Chair Jerome Powell later in the day.
If advances continue, both benchmarks are expected to post increases for the seventh day in a row.
Sectorally, Nifty Metal increased the most, adding 1.1% to its gains for the second straight day.
Following double-digit growth in the previous quarter, data due at 5:30 p.m. IST on Wednesday is anticipated to show that the Indian economy likely returned to a more normal 6.2% annual growth rate in July-September.
Inox Green Energy Services
Inox Wind, a producer of wind energy solutions, announced on Tuesday that it had paid off debts of Rs 411 crore along with its subsidiary Inox Green Energy Services. Inox Wind Ltd. and its subsidiary Inox Green Energy Services Ltd. recently made debt reduction payments totaling Rs 250 crore and Rs 161 crore (a total of Rs 411 crore) as part of a strategic initiative to deleverage their respective balance sheets, according to an exchange filing.
Chief Investment Strategist at Geojit Financial Services
The fact that this is a mature rally led by high quality companies in performing sectors is a key aspect of the current rally that has brought the Sensex and Nifty to record highs. Since the broad market has been largely ignored by this surge, there is no reason for celebration in the market. The Nifty Small cap Index is down about 12% YTD, while the Nifty is up 7.2% YTD. Therefore, the bulk of retail investors with portfolios that are primarily focused on small caps have not benefited from this boom.
Stock Market Today: Increase in shares
Prior to Powell’s remarks at a Brookings Institution event, Wall Street stocks mostly ended lower overnight.
Inox Wind and Inox Green, two separate local companies, saw gains of 7.45% and 3.72%, respectively, after the announcement that they had settled debt of 4.11 billion rupees as part of measures to deleverage their balance sheets.
Shares of rice producers including Chaman Lal, GRM Overseas, KRBL Ltd., and LT Foods increased after the government decided not to impose export restrictions on organic non-basmati broken rice.
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