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Stock Market Update: Sensex Gains 200 pts, Nifty Above 15,350 Amid Positive Global Cues

The markets opened on a flat note as investors feared an economic slowdown. At 09:16 IST, the Sensex was up 136.56 points or 0.27 per cent at 51,496.98, and the Nifty was up 32.80 points or 0.21 per cent at 15,326.30. In overall market breadth, about 1148 shares have advanced, 752 shares declined, and 117 shares are unchanged.

Sun Pharma, Asian Paints, HUL Bajaj Finance, Wipro, TCs and HDFC twins were the top winners on the Sensex. Tata Motors and Apollo Hospitals were the additonal gainers on the Nifty.

On the other hand, Tata Steel, PowerGrid, Coal India, ONCC, JSW Steel, Hindalco were the top losers across the two benchmarks, down up to 4.5 per cent.

The broader markets, meanwhile, opened in red. The BSE MidCap and SmallCap indices were up to 0.2 per cent lower.

Sectorally, metals, realty, oil & gas indices on the Nifty slumped 0.7-2 per cent. While, Nifty IT, financials and pharma were higher.

Among stocks, Dilip Buildcon gained over 2 per cent. The company’s joint venture company RBL-DBL has won an order worth Rs 1,061 crore in Gujarat for the Surat Metro Rail Project.

Vedanta plunged 6 per cent. The company has invited expressions of interest (EOI) to sell its Tamil Nadu-based copper plant.

Global Cues

Asian shares were trying to sustain a rare rally on Monday as Wall Street futures made early gains, perhaps hoping a U.S. holiday would provide a break from recent selling, though worries about global recession were never far away. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1% in thin trade. Tokyo’s Nikkei added 0.6%, having been underpinned recently by a sharp fall in the yen which boosted exporters.

Tokyo stocks opened higher on Monday after a mixed close on Wall Street as fears rise that interest rate hikes by central banks could trigger a global recession. The benchmark Nikkei 225 index was up 0.71 percent, or 183.42 points, at 26,146.42 in early trade, while the broader Topix index was up 0.51 percent, or 9.38 points, at 1,845.28.

US stocks closed with a modest bounce on Friday but still suffered the biggest weekly percentage decline in two years as investors wrestled with the growing likelihood of a recession while global central banks tried to stamp out inflation. The Dow Jones Industrial Average fell 38.29 points, or 0.13%, to 29,888.78, the S&P 500 gained 8.07 points, or 0.22%, at 3,674.84 and the Nasdaq Composite added 152.25 points, or 1.43%, at 10,798.35.

The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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