Share Market News: Sensex, Nifty climb on global cues; Yes Bank, UCO Bank, IOB most active

Share Market Updates Today: Indian equity benchmarks traded higher in early deals on Wednesday, in line with the global markets. Investor sentiment got a boost after US consumer prices rose less than expected in November, fuelling expectations the Federal Reserve would slow the pace of interest rate hikes. US consumer price index in November rose 0.1 per cent, after advancing 0.4 per cent in October. The slowdown could lead the Fed to scale back the size of rate increases at its policy meeting that ends today.

Back home, the 30-share BSE Sensex surged 279 points or 0.45 per cent to trade at 62,812, while the broader NSE Nifty moved 85 points or 0.46 per cent higher to trade at 18,693.

Tech Mahindra, Hindalco, Eicher Motors, Wipro and PowerGrid were among the top gainers on the NSE platform today with their shares up as much as 1.84 per cent. In contrast, Bharti Airtel, Nestle India, Adani Enterprises and M&M were among the top laggards.

Also Read | Will Paytm's share buyback support its stock price? Here's what JPMorgan says

Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.27 per cent and small-cap climbed 0.24 per cent.

14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty IT, Nifty Metal and Nifty Pharma were outperforming the NSE platform by rising 1.30 per cent, 0.73 per cent and 0.67 per cent, respectively. On the flip side, Nifty PSU Bank slipped 0.82 per cent.

The overall market breadth stood strong as 1,930 shares were seen advancing while 985 were declining on BSE.

Yes Bank, UCO Bank, Bank of Maharashtra, IOB, PNB, Central Bank of India, South Indian Bank, Suzlon, Voda Idea and PSB were the most active stocks on the NSE platform, in terms of volume.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "The lower-than-expected November CPI inflation in the US confirms the market expectation that the Fed will hike the rate by only 50 bps today. The consensus terminal Fed fund rate is now slightly below 5 per cent, which is market positive. In India, the bank index, and within the bank index the PSU bank segment, is the strongest segment and this can continue to remain resilient. The resumption of FII buying is another positive."

On the global front, Asian shares rose, tracking an overnight surge in Wall Street. Japan's Nikkei gained 0.84 per cent, South Korea's Kospi moved 0.82 per cent higher, China's Shanghai Composite edged 0.13 per cent up and Hong Kong's Hang Seng index jumped 0.69 per cent.

All three major US stock indexes settled sharply higher. The Dow Jones Industrial Average rose 103 points or 0.30 per cent to close at 34,108.64; the S&P 500 jumped 29 points or 0.73 per cent to finish at 4,019.65; and the Nasdaq Composite gained 113 points or 1.01 per cent to settle at 11,256.81.

Oil price

Oil prices climbed the most in a month on Tuesday on concerns over supply disruptions due to the ongoing shutdown of the Canada-to-United States Keystone crude pipeline. The rise in oil prices is a negative for oil-importing countries like India, where crude constitutes a major chunk of the import bill.

Stocks in F&O ban

BHEL, Delta Corp and Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) are in F&O (Futures and Options) ban period today. Stocks are placed under F&O ban when the derivative contracts in their securities cross 95 per cent of the market-wide position limit.

Also Read | Hot stocks for 2023: Angel One expects these 14 stocks to deliver up to 55% upside

FII-DII data

Foreign institutional investors snapped their six-day selling spree, the longest in seven weeks, and purchased Rs 620 crore worth of equities on a net basis on Tuesday. Meanwhile, domestic investors bought 36.75 crore worth of shares, as per provisional NSE data.