Sensex Gains 150 pts, Nifty Above 17,250; Metals Shine
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The key benchmark indices opened on a positive note on Tuesday. The BSE Sensex was up 254.39 points or 0.44 per cent at 57,875.58, and the NSE Nifty was up 76.70 points or 0.45 per cent at 17,290.30. About 1373 shares have advanced, 498 shares declined, and 66 shares are unchanged. Maruti Suzuki, Tata Steel, JSW Steel, Hindalco Industries and Hero MotoCorp were among major gainers on the Nifty, while losers were Divis Labs, HDFC, Nestle India, Britannia Industries and SBI Life Insurance. In the broader market, the BSE MidCap and SmallCap indices were also in green and were up to 0.49 per cent higher.
Among stocks, PolicyBazaar parent PB Fintech was trading 2.6 per cent lower after the company posted yoy revenue growth of 73 per cent to Rs 367 crore in the quarter ended December 2021. Investors, however, seem unimpressed with its performace.
The Indian equity benchmarks extended losses for the third consecutive day on Monday amid selling across sectors, barring power and PSU banks, and growing concerns over rising bond yields as well as crude prices. The Sensex closed 1,023.63 points, or 1.75 per cent, down at 57,621.19 and the Nifty ended 302.70 points, or 1.73 per cent, low at 17,213.60.
Prashanth Tapse, vice president (research), Mehta Equities Ltd., said: “Expect volatility and choppiness to be the hallmark at Dalal Street in the near term due to Russia’s military incursion into Ukraine and US Federal Reserve’s aggressive statements on its rate hike decision going ahead. Caution will continue to be the order of the day and any intraday rallies are likely to be stomach-churning.”
On Nifty’s technical outlook today, Mohit Nigam, head – PMS, Hem Securities, said: “On the technical front 17,045 and 17350 are immediate support and resistance in Nifty 50. For Bank Nifty 37,500 and 38,400 are immediate support and resistance respectively.”
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1157.23 crore, data available with NSE suggested. DIIs turned net sellers to the tune of Rs 1,376 crore, data suggests.
Global Markets
Wall Street ended lower on Monday, as investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped following reports of interest from potential buyers, including Amazon. Dow Jones ended flat at 35,091.13. S&P 500 plunged 0.37 per cent to 4,483.87 Nasdaq dropped 0.58 per cent to 14,015.67
Asian shares opened mostly higher on Tuesday despite falls on Wall Street over lingering uncertainties about the fast-spreading Omicron variant, inflation and Ukraine worries, but investors focused on corporate earnings. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.06 per cent.Japan’s Nikkei gained 0.40 per cent, South Korea’s Kospi rose 0.90 per cent, Australia’s ASX 200 added 0.87 per cent, China’s Shanghai dropped 0.13 per cent, Hong Kong’s Hang Seng fell 0.98 per cent.
Whereas, oil prices eased a wee bit as concerns over tight supply were offset by signs of progress in nuclear talks between the US and Iran. Brent crude was down 0.6 per cent at $92.69 a barrel, and WTI oil futures slipped 1.3 per cent to $91.32 a barrel.
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