Wrap-up| Indian stocks shake off Japan tremors

Wrap-up| Indian stocks shake off Japan tremors

Mumbai: The impact of the Japanese quake on Indian stocks may have been overstated. That’s what note after note from economists and strategists landing in our inboxes reiterate. Investors too believe that and consequently Indian stocks rose on Wednesday.

Sure, the better-than-expected March quarter advance tax numbers could have boosted sentiment though their correlation with actual earnings is iffy at best.

Sensex: 18358.69, 1.05%

Nifty: 5511.15, 1.13%

Nikkei 9093.72, 5.68%

Topix: 817.63, 6.64%

Most of the sectoral indices were positive on Wednesday with the BSE Realty and Bankex leading the gains. Now, realty is possibly a sector that has the least to do with happenings outside India, yet these stocks had taken a beating on Tuesday, possibly because they are considered riskier. They recouped most of it on Wednesday.

BSE Realty: 2104.51, 2.47%

Bankex: 12438.34, 2.15%

BSE Consumer Durables: 5857.11, 1.9%

BSE FMCG: 3467.94, 0.21%

Among the Sensex stocks, Reliance Infrastructure Ltd performed well and increased by 5%, leading the gains in ADAG stocks which are basking in the Reliance Life Insurance stake sale. Other gainers include State Bank of India Ltd, Tata Consultancy Services Ltd, ICICI Bank Ltd and Bharti Airtel Ltd.

Reliance Infrastructure: 645 5%

SBI: 2642.85 3%

ICICI Bank: 1026.60 3%

The next immediate trigger is of course, the monetary policy review on Thursday. A 25 basis points rate hike is the consensus. Anything over or below this could cause wild swings.