Monday, December 5, 2022
HomeBusinessSensex Gains 96 pts At Close, Nifty Above 17,550; Delhivery Dips 15%...

Sensex Gains 96 pts At Close, Nifty Above 17,550; Delhivery Dips 15% After Q2 Results


Sensex Today: Indian shares opened lower on Thursday, following dour sentiment in other Asian markets for risky assets as U.S. Treasury yields surged on fears that the Federal Reserve will continue on its aggressive rate-hike path. Bargain buying at the fag-end of the session helped benchmark indices erase losses end higher on Thursday. The S&P BSE Sensex closed at 59,203, up 96 points or 0.16 per cent, while the Nifty50 shut shop at 17,564, up 52 points or 0.3 per cent.

HCL Tech, Tech M, PowerGrid, TCS, Bajaj Finserv, NTPC, Nestle India, TCS, Infosys, and Bharti Airtel rose between 1 per cent and 2 per cent, while IndusInd Bank, Asian Paints, Ultratech Cement, HDFC, Titan, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Bank fell in the range of 0.5 per cent to 4.7 per cent.

In the broader markets, the BSE MidCap index underperformed peers as it fell 0.18 per cent. The BSE SmallCap index, meanwhile, settled unchanged.

Among sectors, the Nifty Private Bank index declined the most, down 1 per cent. On the contrary, the Nifty PSU Bank index and IT indices climbed over 2 per cent, and 1.4 per cent, respectively.

Shares of Tracxn Technologies (Tracxn) jumped 25 per cent to Rs 100 as against its issue price of Rs 80 on the National Stock Exchange (NSE) after making a quiet debut on Thursday. The stock of the data processing services company listed at Rs 84.50, a 6 per premium to its issue price. At close, it settled at Rs 94.2.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The recent 3 per cent rally has taken the Nifty to just 6 percent below its 52-week high. This rally in a difficult global equity environment has surprised many, including the FIIs, who have slowed down their selling. Sustained flows into mutual funds, particularly via the SIP route, is a major factor imparting strength to the market even in the context of negative global economic news. So long as DIIs are flush with funds markets are unlikely to correct sharply. Fundamental support to the market is coming from the good Q2 numbers, particularly from financials. This week is a results-heavy week and most results from Nifty constituents are likely to be good. The rising US bond yields and a rising dollar are hitting all other currencies hard. This will continue to be a potential headwind for equity markets till US inflation starts showing a moderating trend.”

Rupee Freefall

The Indian rupee will fall further against the US dollar over the rest of the year, a Reuters poll on Thursday showed, setting up the currency for its steepest annual decline in at least nine years due to a widening domestic trade balance and surging US interest rates. The rupee slipped to a record low of 83.2150 in the morning trade on Thursday, before settling at 82.7538 per US dollar.Global Cues

Asian share markets fell on Thursday as investor fears over a looming recession crimped risk appetite, while Treasury yields rose on expectations that the Federal Reserve will remain aggressive in its interest rate hikes.

Tokyo shares opened lower on Thursday after US stocks tumbled, with Treasury yields jumping as recession worries deepen. The benchmark Nikkei 225 index lost 1.01 per cent, or 275.63 points, to 26,981.75 at the open, while the broader Topix index fell 0.76 per cent, or 14.56 points, to 1,890.50.

US stocks snapped a two-day streak of gains on Wednesday as weakness in shares of Abbott Laboratories and a rise in Treasury yields sapped momentum from the current earnings season and outweighed a surge in Netflix Inc shares.

Read all the Latest Business News and Breaking News here



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments