Oil India rallies by 6 percent, the Sensex gains 16 points, and the Nifty settles near 15,850 despit
Stock Market Today: In Tuesday's tumultuous session, benchmark indices ended flat. The Nifty was up 18.20 points or 0.11 percent at 15,850.20 at closure, and the Sensex was up 16.17 points or 0.03 percent at 53,177.45.
Top Gainers & Losers
The top gainers on the 30-pack index were M&M, Tech M, Dr. Reddy's Labs, Reliance Industries, HCL Tech, and Tata Steel, up between 1% and 3%. The laggards, which saw declines of up to 3.5%, included Asian Paints, Kotak Bank, Bajaj Finance, and ICICI Bank.
The Nifty50 closed at 15,850 on the NSE, up 18 points or 0.11 percent. Additionally, in the larger markets, the Nifty MidCap increased by 0.3% while the Nifty SmallCap decreased by thein same percentage.
The Nifty Metal index increased by about 2% among the key sectoral indices, while the Nifty Private Bank index decreased by 0.8%.
"Upstream companies are currently benefiting from higher spot prices of oil, resulting in robust earnings, while refiners are benefiting from higher GRMs," said Vinod Nair, head of research at Geojit Financial Services. As long as OPEC maintains its present production levels, this trend is predicted to continue in FY23. Future under-recoveries will affect oil marketing corporations (OMCs) if oil prices continue high, without a carefully planned increase in retail fuel prices. In the short term, we continue to be bullish on upstream firms, but over the medium to long term, we anticipate that oil prices will correct as supply limitations and geopolitical concerns subside. We have a neutral opinion of the industry overall due to the higher volatility in earnings.
Oil prices increased after last week's collapse, while Asian shares dipped in early trade on Tuesday as investors followed overnight volatility on Wall Street. MSCI's largest index of Asia-Pacific shares outside of Japan was down 0.7% at the start of the Asian trading session. This month, the index is down 3.8% so far. The S&P 500 e-mini futures in the United States increased by 0.27 percent.
Tuesday saw an increase in Tokyo stock prices due to bargain hunters after the market opened lower due to losses on Wall Street. The more inclusive Topix index increased by 0.60 percent, or 11.33 points, to 1,898.75 yen in morning trade, while the benchmark Nikkei 225 index gained 0.37 percent or 100.42 points.
As they near the halfway point of a year in which the equity markets have been battered by increased inflation worries and tighter Fed policy, US stocks closed down on Monday with few triggers to change investor attitude.