Sensex Advances 433 Points, Nifty Tests 15,800, IT Stocks Advance, Zomato Drops 6%



Stock Market Today: On Monday, Indian stock markets rose for a third straight day as expectations of sluggish economic growth fueled hopes that central banks around the world could hold off on raising interest rates. To finish at 53,161, the BSE Sensex gained 433 points or 0.82 percent. While this was going on, the NSE Nifty50 gained 132 points, or 0.85%, to settle at 15,832. The respective intra-day highs for both indices were 53,509.50 and 15,927.45.


Top Gainers And Losers


Between two and three percent were gained by Coal India, ONGC, UPL, HCL Tech, L&T, Tech M, Hindalco, BPCL, Asian Paints, Infosys, and IndusInd Bank, while more than a half percent was lost by Apollo Hospitals, Eicher Motors, HDFC Life, Kotak Bank, RIL, and Titan.


Broader Markets

The Nifty MidCap and SmallCap indices saw gains of 1% and 2% in the broader markets, respectively.

Hindustan Copper saw a gain of more than 2% among equities. The state-owned business will meet on Thursday to discuss a plan to issue debentures to raise to Rs 500 crore.


After the company's May credit card spending increased by 8% from April, SBI cards increased by 3%.


The question of whether this is a bear market or a corrective phase in a long-term bull market is still up for debate, according to VK Vijayakumar, the chief investment strategist at Geojit Financial Services. The Nasdaq and S&P 500 have wisely recovered after entering a bear market zone, and this is being seen in other markets as well. The S&P 500's 3% rebound last Friday shows that pullbacks can be abrupt, and the ensuing short-covering can come as a pleasant surprise. Last week's steep 4.3% decrease in the Bloomberg commodity index was a notable event. If this pattern persists, pectations for inflation will decline, allowing the central bank to ease up on tightening and ensuring a soft landing for the US economy. The short-term decline in commodity prices is advantageous for commodity consumers, such as the auto industry, whose prospects are improving.


Global Cues


After Wall Street made a strong comeback at the close of last week as oil prices declined, calming concerns about extended inflation and the aggressive Federal Reserve tightening that would follow, stocks rose in Asia on Monday amid improved risk sentiment. As investors continued to evaluate the prognosis for U.S. rate hikes and the possibility of a recession, Treasury yields remained muted and the dollar remained close to its lowest level in more than a week.

As Wall Street's robust rallies continued, expectations for central bank monetary tightening were muted by the deteriorating economic outlook, and Tokyo markets began higher on Monday. The broad Topix index increased by 1.00 percent, or 18.60 points, to 1,885.32, while the benchmark Nikkei 225 index gained 1.02 percent, or 271.10 points, to 26,763.07 in early trading.

As indications of sluggish economic growth and a recent decline in commodity prices dampened expectations for the Federal Reserve's rate-hike plans, Wall Street's major indexes rose sharply on Friday. To reach 31,500.68, the Dow Jones Industrial Average increased by 823.32 points or 2.68 percent; the S&P 500 increased by 116.01 points or 3.06 percent, and the Nasdaq Composite increased by 375.43 points or 3.34 percent.


#nsenifty #nseindex #zomatonse #niftyitstocks


Read more about Business, Entertainment, Social, Politics, Real Estate, Finance, Sports







0 views0 comments