Opening bell: Sensex rose 200 points, Nifty at 21,884 – Times of India

by The Technical Blogs


NEW DELHI: Equity benchmark indices witnessed gain in early trade on Wednesday. Sensex climbed 228.45 or 0.32% to 72,240.50 while Nifty was around 21,884.
Tata Steel, Bajaj Finserv, Titan, NTPC, Sun Pharma were trading higher whereas Hindustan Unilever, ICICI Bank, Mahindra & Mahindra, Axis Bank and L&T were among the losers.
The stock market witnessed a significant decline on Tuesday.The Sensex closed at 72,012.05, marking a decrease of 736.37 points or 1.01%, reaching its lowest level in over a month. On the other hand, the Nifty fell by 238.25 points or 1.08% to settle at 21,817.45, also hitting a month’s low.
This drop was influenced by a sell-off in TCS, Infosys, and RIL, along with negative trends in Asian markets following Japan’s central bank‘s decision to raise interest rates for the first time in 17 years.
TCS experienced a sharp decline of over 4% after Tata Sons sold a portion of its stake in the company through block deals, leading to a ripple effect on other IT stocks like Infosys, Wipro, Tech Mahindra, and HCL Technologies.
The market sentiment was also impacted by anticipation surrounding the upcoming US Fed interest rate decision.
Major losers included IndusInd Bank, Reliance Industries, Nestle, Power Grid, ITC, Tata Motors, and UltraTech Cement, while Bajaj Finance, Kotak Mahindra Bank, HDFC Bank, Bajaj Finserv, Titan, and Bharti Airtel emerged as gainers.
Vinod Nair, head of research at Geojit Financial Services, highlighted the negative impact of the BoJ’s decision on the Asian markets, affecting India as well.
Market correction was also attributed to concerns over high valuations and the delay in US Fed rate cuts due to unexpected inflation, as reflected in the rising dollar index.
In the broader market, both the BSE midcap and smallcap indices declined, while sectoral indices like IT, teck, telecommunication, services, and utilities also witnessed negative trends.
Foreign Institutional Investors (FIIs) sold equities worth Rs 2,051.09 crore on Monday, and the global oil benchmark Brent crude dipped to $86.54 a barrel.


Source link

Related Posts

Leave a Comment

Recent Posts

Pigeons swarm Las Vegas neighborhood, nesting at church Study finds adult female elk are badass and can’t be... Vacancy: some more elephants needed in the bush THE TECHNICAL BLOGS

Our Policies

Userful Links

Shop Stores

Copyright @2020  All Right Reserved - Designed and Developed by DSF SEO COMPANY