Stock market today, stock market updates: The benchmark BSE and National Stock Exchange (NSE) stock indices came off a six-game losing streak and ended up more than 0.3% on Monday, led by financials and auto stocks.
The S&P BSE Sensex rose 180.22 points (0.34%) to end at 52,973.84 and the Nifty 50 climbed 60.15 points (0.38%) to settle at 15,842.30 . Both indexes had opened on a positive note earlier in the day and rose slightly as the trade progressed, with the Sensex hitting a high of 53,428.28 and the wider Nifty touching 15,977.95.
On the Sensex pack, NTPC, Bajaj Finance, Maruti Suzuki India, State Bank of India (SBI), Housing Development Finance Corporation (HDFC) and Kotak Mahindra Bank were the main winners of the day. On the other hand, Ultratech Cement, Asian Paints, ITC, Tata Consultancy Services (TCS), Dr. Reddy’s Laboratories and HCL Technologies were the big losers.
In the broader market, the S&P BSE MidCap Index closed at 22,145.10, up 329.44 points (1.51%) while the S&P BSE SmallCap came in at 25,605.99, up 290.24 points (1.15%). On NSE, the volatility index or India VIX rose 4.43% to 24.53.
Among sector indices, the Nifty Auto index rose 2.27%, led by Balkrishna Industries and Eicher Motors. The Nifty Bank index also rose 1.44%, led by Bandhan Bank and Bank of Baroda. The Nifty Financial Services Index also rose 1.32%, led by Piramal Enterprises and Shriram Transport Finance Company.
“Nifty has made a double bottom at 15,740 over the past two days and therefore this support will be crucial to watch. On the upside, 16,084 will need to be exceeded to ensure continued upside,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Global equities were mixed on Monday as investors considered soaring energy costs and the prospect of interest rate hikes in the United States. European benchmarks were trading mixed, with shares up in France and Germany but down in Britain. Stock moves were similar earlier in the day in Asia, where benchmarks ended higher in Japan and Australia but fell in South Korea. Shares rose in Hong Kong but fell in Shanghai.
France’s CAC 40 was down 0.4% in early trading at 6,336.07, while Germany’s DAX was down 0.5% at 13,963.69. Britain’s FTSE 100 rose less than 0.1% to 7,421.33. US stocks are expected to fall with Dow futures down 0.1% at 32,085.00. S&P 500 futures fell 0.3% to 4,006.00.
Some analysts worry that if the US Federal Reserve raises interest rates too quickly or too much, it could trigger a recession. A slowdown in the US would almost certainly hurt the Asian region, which exports and manufactures goods for the US economy. The Fed said it would continue raising interest rates to temper rising inflation. The benchmark short-term interest rate was at an all-time high near zero for much of the coronavirus pandemic.
Japan’s benchmark Nikkei 225 gained 0.5% to end at 26,547.05. In other regional trade, Australia’s S&P/ASX 200 edged up 0.3% to 7,093.00. The South Korean Kospi fell 0.3% to 2,596.58. Hong Kong’s Hang Seng recouped its morning losses to rise 0.3% to 19,950.21, while the Shanghai Composite lost 0.3% to 3,073.75.
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