BUY BANKNIFTY 34200 PE ABOVE 380 TRG 550-850 SL PAID. Indian equities extended gains made on budget-day, ending close to their all-time intra-day highs.
Both S&P BSE Sensex and the NSE Nifty 50 index saw their best two-day surge since April last year when markets had begun to rebound from the Covid-19 selloff.
Futures are indicating a steady start to the mid-week trading session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.4% to 14,780 as of 7:55 a.m. on Wednesday.
Stocks like Reliance Industries will be in focus on the back of news flow, while companies like Ajanta Pharma, Neuland Laboratories, PI Industries, Vinati Organics, among others, may react to their quarterly results reported after market hours on Tuesday.
Bharti Airtel is the only Nifty 50 company to announce earnings today, along with non-Nifty names such as Apollo Tyres, Astral Poly, Bajaj Consumer, Jubilant Foodworks, Inox Leisure, Ramco Cement, Indian Hotels, V-Guard, VIP Industries, among others.
Also in focus will be the Brookfield India REIT IPO, which opens for subscription on Wednesday.
Most Asian equities are advancing, extending a global rally. Shares in Australia and Japan are outperforming, while those in China and Hong Kong trade with losses.
Futures on the Dow Jones are currently trading 30 points higher. The index gained 1.6% on Tuesday.
West Texas Intermediate crude rose 0.2% to $54.86 per barrel, the highest in over a year.