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Indian frontline indices ended with gains on Wednesday, continuing their gaining streak for the fourth time in a row as losses in bank, IT and auto stocks were offset by gains in FMCG and pharma stocks. BSE Sensex ended at 65,880.52, up 100.26 points or 0.15% while the broader Nifty50 settled at 19,611.05, higher by 36.15 points or 0.18%. The banking gauge Nifty Bank finished at 44,409.10, up by 123.05 points or 0.28%.

“Using our strike software, we just looked for Dow trend reversals. Dow trend essentially means stocks that are starting to make higher highs and higher lows as of today, so this would be live. When we do that, we actually end up seeing that out of the six stocks that showed up on my screen, three are pharma stocks, which included Alkem, Divi’s and Zydus.”

“The outperformance of the mid and smallcaps has been substantial versus the Nifty 50 since May. If we are to look at our coverage of 180 to 200 stocks, we have seen our analysts downgrading almost around 16 stocks in the last two months, which is basically we have downgraded around 8% of the stocks to either hold or reduce.”

The net long position of foreign portfolio investors decreased from Rs 7,381 crore on Tuesday to Rs 4,457 crore on Wednesday.

Prices spiked on Tuesday after Saudi Arabia and Russia extended voluntary oil supply cuts to the year-end. The Saudi cuts were by 1 million barrels per day (bpd) while Russia has cut 300,000 bpd. These were on top of the April cut agreed by several OPEC+ producers running to the end of 2024.

Against a basket of currencies, the dollar was last 0.05% higher at 104.91, holding on to some of its gains from the previous session after scaling a six-month peak on news that the U.S. services sector unexpectedly gained steam in August.

Federal Reserve Bank of Boston President Susan Collins said while there are signs of progress in cooling inflation, the central bank should proceed carefully when it comes to its next monetary policy steps.

In its preliminary results announcement for the quarter, the company said it expects revenue of about $132 million, compared with $168 million last year. Four analysts polled by LSEG expect BlackBerry to report sales of $156.9 million.

Arm disclosed the proposed range would value it at between $48 billion and $52 billion. It also revealed that it could issue some shares as compensation for its employees, taking its valuation, on a fully diluted basis, at up to $54.5 billion.

"They (the RBI) are not averse to the process of settlement of Indian bonds on the Euroclear platform and have been taking feedback from the market," a source aware of the development said. "Such discussions happened earlier too - there were some concerns over a parallel yield curve developing, although the market has developed more now and is much deeper."