FIRST TRADE: Sensex gains nearly 200 pts, Nifty above 22,650; IndiGo up 3%, Vedanta up 6%

Stock market today: Domestic equity indices edged higher in trade on Wednesday (April 10) amid continued expectations of a positive corporate earnings season, while focus will turn to U.S. inflation data due later in the day for clues on interest rate cuts.

Last seen, both indices were up 0.32 per cent, the 30-scrip barometer rose 236.84 points at 74,920.54 and NSE Nifty was up 73.45 at 22,716.2. 

In the broader market, Nifty Mid Cap 100 and Nifty Small Cap 100 traded in the green. Nifty Bank traded flat with a positive bias at 48,740.55. 

"Robust economic growth, decent corporate earnings, macroeconomic stability, expectations of political stability after elections, sustained capital flows, and retail investor enthusiasm will keep the market resilient despite rich valuations. A significant recent healthy trend in the market is the outperformance of the fundamentally strong large caps over the mid and small caps. This trend is making the market healthier and, therefore, has the potential to continue. Large-cap banking stocks are likely to be the leaders if the rally sustains," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

Dr. Vijayakumar added the US CPI data to be published today is significant since that will determine the quantum of rate cuts by the Fed this year. The fact that US inflation has come down by two-thirds is significant and positive from the market perspective, but the trajectory of inflation, going forward, will largely influence the direction of stock markets, globally.

BUZZING STOCKS

InterGlobe Aviation (IndiGo) shares were up over 3 per cent as the company has hiked the airfare by 20–25 per cent. 

PROTEAN EGov shares were over 2 per cent after reports suggested that 360 ONE Funds can buy 21.5 lakh shares through block deal.

Shivalik Rasayan shares were up over 7 per cent after the US FDA issued seven observations after it completed an investigation of the Bharuch API plant.

Vedanta shares were up over 6 per cent after CLSA upgraded to 'buy' from 'underperform' and raised the target to Rs 390 from Rs 260. 

Conversely, Paytm shares were down over 3 per cent after Paytm Payments Bank MD & CEO, Surinder Chawla resigned.

IRB Infrastructure shares were down over 3 per cent after IRB Ahmedabad's claim of Rs 1032 crore from NHAI was rejected by the Arbitral Tribunal.

GLOBAL MARKETS 

Asian stocks were muted as investors kept watch for possible intervention by Japanese authorities to stop the yen's decline and awaited U.S. inflation data later on Wednesday for clues to future interest rate moves.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent after U.S. stocks ended the previous session with mild gains. The index is up 0.2 per cent so far this month.

(With inputs from agencies.)

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