Highlights of the market include a 443-point rise for the Sensex, a 17650-point high for the Nifty, and gains for Reliance and ICICI Bank.
Highlights of the market include a 443-point rise for the Sensex, a 17650-point high for the Nifty, and gains for Reliance and ICICI Bank.
Sensex, Nifty, and Share Prices; Today’s Share Market News HIGHLIGHTS: On the strength of advances in index heavyweights, the equity market indices Sensex and NSE Nifty 50 finished the day close to 1% higher on Monday. BSE Sensex increased by 443 points, or 0.8%, to close at 59,246, and NSE Nifty 50 finished at 17,665.80, up 0.7%. 23 of the 30 equities on the S&P BSE Sensex finished in the green.
These companies include, among others, Bharti Airtel, Tata Steel, ICICI Bank, ITC, NTPC, Ambani Industries, HCL Tech, and Sun Pharma. On the other hand, some of the Sensex losers included Nestle India, UltraTech Cementitious materials, Wipro, Asian Paints, HUL, Electric Grid Corporation of India, and Bajaj Finance.
The Sensex increased by 504.9 points, or 0.9 percent, to reach 59,308.3 at the highest point of the day, and the Nifty50 increased by 143.7 points, or 0.8 percent, from its earlier estimate to get a high of 17,683.2.
The Nifty50 basket of companies increased by 35 shares at the day’s end. The leading gainers were Hindalco, JSW Aluminum, NTPC, ITC, and Sun Pharma.
“Concerns about the world economy, which is battling high inflation and recession, have been sparked by conflicting jobs figures from the US and a deteriorating energy situation in Europe. The Fed would feel confident raising rates by another 50-75 basis points due to the US’s strong labour market, “said Vinod Nair, Geojit Financial Services’ head of research.
Two thousand two hundred eight equities on the BSE rose while 1,348 declined, favoring the bulls in the overall market breadth.
The future route
From a medium-term view, “we remain positive on the Indian market,” said Vinay Jaising, MD-Portfolio Managed Services at JM Financial, to CNBC-TV18. Although he thinks the profits growth trajectory is encouraging, prudence is advised in the near term due to factors including high valuations and liquidity.
Worldwide markets
Following dismal sessions across most Asian markets, European markets declined after Russia prolonged a halt on gas on a critical pipeline to the area, igniting concerns about rising energy prices. At last count, the pan-European Stoxx 600 was off 1%.
S&P 500 futures increased by 0.3%. Wall Street will be closed on Monday in observance of Labor Day. To reach 15,566.55, the NSE Nifty increased by 143.35 pts or 0.93 percent. Suzuki, M&M, Asian Paints, Airtel, TCS, Sun Pharma, Wipro, ICICI Bank, and Unilever were among the top gainers from the Sensex pack.
On the other hand, Corporation, NTPC, Power Grid, and UltraTech Cement lagged. Seoul’s stock market ended lower than other Asian markets in Hong Kong, Shanghai, and Tokyo. In mid-session deals, European markets were moving in the red. The US stock market declined slightly on Wednesday.
“The Asian market counterparts, led by China, were trading broadly in the green as the Indian markets began on a solid note. During the afternoon session, markets lost some of their gains as European markets fought to overcome recession fears but still managed to trade in the black, “the head of equity research (fundamental) at Anand Rathi Securities & Stock Brokers, Narendra Solanki, remarked.
The two non-identical- identical BSE Sensex fell 709.54 points, or 1.35 percent, on Wednesday to close at 51,822.53. The NSE Nifty ended the day at 15,413.30 after losing 225.50 points, or 1.44 percent. Brent crude, the benchmark for international oil prices, fell 1.92 percent to USD 109.60 per person.
According to exchange data, institutional investors from abroad (FIIs) continued to be net sellers in the financial market on Wednesday, selling shares worth Rs 2,920.61 crore. Bank stock prices recovered from their lows, with ICICI Bank finishing as such top Sensex gainer after gaining 3.6%. Following a remarkable recovery from Thursday’s opening loss, stock markets ended the day with gains.
The 50-stock NSE Nifty closed at 14,406, while the S&P BSE Sensex finished 374 times better at 48,080. Bank stock prices recovered from their lows, with ICICI Bank finishing with the highest Sensex win after gaining 3.6%. Bajaj Auto, HDFC Bank, and HDFC came after it. The top three drags were Asian Paints, Titan, and Hindustan Unilever. Volatility increased gradually and closed at or above level 23. The strongest sectoral gainer was Bank Nifty.
Vinod Nair, Director of Research at Geojit Financial: “With the help of encouraging cues from international markets, the domestic market rebounded from its initial losses amid rising COVID-19 instances. Despite the excitement brought on by vaccination programs, the industry has been moving through a corrective phase as a result of an increase in COVID instances.
Reliance Industries (RIL), which Mukesh Ambani runs, is benefiting from the increased output from its oil and gas holdings. Media sources state that in conjunction with the increased production from the Dhirubhai-6 (D6) field in the Krishna Godavari (KG) Basin, which RIL-bp manages, the government will also be dramatically increasing the price at which domestic natural gas can be sold.
During the current financial year’s third quarter, which ended on September 30th, RIL’s portion of extraction from the KG-D6 region progressively increased by 18.4% to 39.2 billion cubic feet equal BCIe). 33.1 BCFe was the value from April through June 2021. From July to September 2020, this asset produced nothing.
RIL stated in a presentation that the commissioning of the R-Cluster and Remote Fields in the KG D6 block “led to a turn in the oil and natural gas segment earnings.” According to media sources, the commercialization of Bharat Petroleum may be hampered by high fuel costs brought on by an increase in the price of crude oil globally.
At its top level in seven years, the benchmark Brent crude oil price has increased 13% in a month to $85 a barrel. Shanghai closed in the black, while bourses in Seoul, Tokyo, and Hong Kong finished lower. During the mid-session trades, European equities were trading at a lower level. On Friday, US markets had a lower closing price.
“As investors placed bets on equities in the metals, banking, and capital goods industries, benchmark indices outpaced their Asian counterparts and ignored the gloomy mood on the European stock market. The market is showing enough signs that it may remain turbulent in the upcoming sessions due to concerns about the global downturn. Hence cautious optimism reigned, “said Shrikant Chouhan, Kotak Securities Ltd.’s Head of Equities (Retail).
Edited by Prakriti Arora
