Indian stock markets (Sensex and Nifty) ended much higher on Wednesday on news of PM Modi holding an economic review meet on Saturday with Sensex gaining 305 points and Nifty concluding at 11,370 while Indian rupee registered a gain of Re 1 from the record low of 72.91. Prime Minister Narendra Modi is said to hold an economic review meeting on possibly on Saturday in which strategies to tackle with a weaker rupee and higher crude oil prices are likely to be discussed.
In the intraday trades, BSE Sensex topped a day’s high of 37,752.58, up 339.45 points while NSE Nifty logged a day’s high at 11,380.75, up 93.25 points. According to the Bloomberg data, the rupee regained as much as 100 paise to 71.9175 apiece US dollar from the all-time low of 72.9150.
Indian equities traded volatile up until mid-afternoon trades ahead of macro data with Sensex, Nifty trading and the Indian rupee hovering near all-time lows after touching a fresh record trough at 72.91 vs US dollar. BSE Sensex and NSE Nifty dropped into negative territory after regaining momentarily in the opening deals.
The domestic stock markets are likely to trade cautiously on Wednesday tracking the subdued activity in regional Asian peers and caution ahead of IIP and inflation data scheduled to be released after market trading hours today. Asian stocks slipped to 14-month lows on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying US-China trade conflict.