“On the charts, we can observe that the Nifty witnessed an intraday dip. However, the zone of 17750 – 17720, where support in the 20-hour moving average absorbed the selling pressure and restricted further slide. On a weekly basis, the Nifty has managed to close above the 20-week moving average (17789), which is a Bullish sign. The weekly momentum indicator has triggered a fresh positive crossover, which is a buy signal
On a year-over-year basis, the headline number rose 5% against economists' estimates of a 5.2% rise, while the core measure, which strips out volatile food and energy prices, climbed 5.6% in-line with consensus estimates.
After a dismal start, benchmark indices recovered most of their losses on Wednesday as metals and some energy counters gathered buying interest. The BSE Sensex, which, touched a low of 52,612, was down 100 points at 53,077, while the NSE Nifty 50 had reclaimed the 15,800-level.
After a good start, domestic equity markets came off its opening highs in Friday's noon deals. The BSE Sensex was up 300 points to 52,600, and the NSE Nifty 50 advanced 100 points to 15,660. Sectorally, all pockets sat firmly in green.
Indian equity markets came off day's highs after turning positive as the Reserve Bank of India (RBI) retained the FY23 GDP growth forecast at 7.2 per cent. Sectorally, Banks, Financials, Metals, PSBs and Realty indices held strong gains on the Nifty. While, Auto, Pharma, FMCG and Consumer Durables were subdued.
Indian benchmark indices were trading flat on Wednesday as IT, and auto stocks saw selling pressures. Both BSE Sensex and the NSE Nifty50 were fluctuating between gains and losses in volatile trading. The broader markets, meanwhile, outperformed the two indices.