• Miki

Update on the stock market: Zomato and Nykaa up 3%; Sensex jumps 840 points; Nifty above 16,590

The benchmark indices had a positive start to the week on Monday, following solid trading on Wall Street last Friday and in Asia this morning. The Nifty50 increased 175 points to 16,528 while the benchmark S&P BSE Sensex increased 642 points to quote 55,526.

Top Gainers And Losers

Leading the pack on the Sensex index were M&M (up 3%), Infosys, Tech M, HDFC, Bajaj Finance, Wipro, IndusInd Bank, HCL Tech, TCS, and ICICI Bank. Only Bharti Airtel and NTPC were in the red, which is a drawback.

Broader Index

The BSE MidCap and SmallCap indices increased by a combined 1.3% in the overall market. All the sectoral indices increased in step with the market sentiment, with the Nifty IT index rising 1.7%.

Nykaa rose more than 3% among individual stocks despite lackluster Q4 results.

Aside from that, 3M India had a gain of over 15% when the business disclosed total revenue of Rs. 934.8062 crores for the fiscal year that ended on March 31, 2022. Net income for the business was Rs. 110.91 crores.

Meanwhile, Unichem Labs saw an increase of 18% on a dividend payment of Rs 4 per share. Additionally, the company reported a net profit of Rs 71.5 crore in Q4FY22 as opposed to a loss of Rs 91 lakh in the previous quarter.

Global Cues

As a result of statistics showing that US consumer spending increased in April and the rate of inflation slowed, the world's largest economy may be on track to expand this quarter, US stocks had a widespread rise on Friday, and the yield on benchmark US Treasuries dropped. The S&P 500 increased by 100.4 points, or 2.47 percent, to 4,158.24, while the Dow Jones Industrial Average increased by 575.77 points, or 1.76 percent, to 33,212.96. The Nasdaq Composite increased by 390.48 points, or 3.33 percent, to 12,131.13.

As investors turned their attention to global economic figures due this week, Tokyo markets began higher on Monday, adding to gains seen on Wall Street. The broad Topix index increased by 1.01 percent, or 19.03 points, to 1,906.33, while the benchmark Nikkei 225 index rose by 1.21 percent, or 323.48 points, to 27,105.16 in early trading.

In line with advances throughout Asia and following another surge on Wall Street, Hong Kong and mainland Chinese stocks opened higher on Monday. Confidence was helped by an easing of long-standing Covid limitations in Shanghai. To reach 20,933.50, the Hang Seng Index rose 1.14 percent or 236.14 points. The Shenzhen Composite Index on China's second exchange rose 0.49 percent, or 9.66 points, to 1,964.69, while the Shanghai Composite Index moved up 0.37 percent, or 11.72 points, to 3,141.96.

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