Sensex Today: Equity markets had a firm trading session on Tuesday, backed by strong Q4 earnings, as investors await US Fed rate decision on Wednesday. The broader market outperformed with stronger gains compared to the benchmark. Sectorally, 17 off the 19 indices on the BSE ended with gains with auto, metal and IT topping the charts.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “India outperformed the rest of Asia and the developed markets in April with a smart rally mainly assisted by sudden change of strategy by the FIIs who have turned big buyers in the market in the last two trading days. The important trigger for this change of FII strategy is the appreciation in the rupee. The rupee which had depreciated to 82.94 to the dollar in late February is now around 81.80 and is expected to appreciate further on India’s improving current account deficit. Also, the good corporate results, particularly from the banking space and record GST collections at Rs 1.87 lakh crores are aiding bullish sentiments. The market is resilient and the undercurrent is bullish.”
Indian bond yields rise tracking U.S. peers, Fed meet eyed
Indian government bond yields rose in the early session on Tuesday, tracking an uptick in U.S. peers, ahead of a widely anticipated rate hike by the Federal Reserve.
The 10-year benchmark 7.26% 2033 bond yield was trading at 7.1274% as of 10:00 a.m. IST after closing at 7.1196% on Friday. The benchmark bond yield had plunged 20 basis points in April, on bets of policy pivots.
We may see some consolidation today and tomorrow, as markets digest the impact of higher U.S. yield and await the Fed policy decision and outlook, a trader with a state-run bank said.
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