Sensex Today: Equity markets were volatile in trade on Thursday as investors adjusted their positions amid weekly F&O expiry. The S&P BSE Sensex oscillated within a narrow range of 405 points, before it closed at 58,222, up 157 points or 0.27 per cent.
The Nifty50, on the other hand, shut shop at 17,332, up 58 points or 0.33 per cent. JSW Steel, Hindalco, Coal India, L&T, Tata Steel, ICICI Bank, HCL Tech, Axis Bank, Tata Motors, Tata Consumer Products, Shree Cement, and Wipro were the top gainers, up between 1 per cent and 5 per cent.
On the downside, Bharti Airtel, HUL, HDFC, IndusInd Bank, Divis Labs, SBI Life, Britannia, HDFC Bank, and Bajaj Finance were the top laggards, down up to 2.5 per cent.
In the broader markets, the BSE MidCap index gained 1 per cent, and the BSE SmallCap index advanced 1.3 per cent. Among sectors, the Nifty Metal index rallied over 3.4 per cent, while the Nifty Pharma and FMCG indices saw profit booking as they slipped up to 0.5 per cent.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The mother market US is now signalling a base case scenario of a short and mild recession. That’s why markets are bouncing back sharply from oversold levels. And whenever there is a rally in US markets, India is outperforming reflecting the resilience of Indian economy and markets. Investors should not be carried away by the rallies because there are major challenges for the global economy and markets. In a stable environment markets will respond to Q2 results which will start flowing in from October 10th onwards. Financials, particularly leading banks, leading NBFCs and fintech company, automobiles particularly CV, PV, tractors and high end motorcycle manufacturers will post good results. IT results are likely to be good but market response will depend on the management commentary. In other segments telecom, capital goods, select FMCG and construction related segments are likely to post good numbers.”
Global Cues
Asian shares were cautiously higher on Thursday, while the dollar eased ahead of US non-farm payrolls data, and oil prices gained for a fourth day after deep production cuts pledged by OPEC+ members.
Tokyo shares opened higher on Thursday, bucking the trend after Wall Street faltered on profit-taking as recent global rallies fizzled out. The benchmark Nikkei 225 index added 0.68 percent, or 184.33 points, to 27,304.86 in morning trade, while the broader Topix index rose 0.70 percent, or 13.37 points, to 1,926.29.
Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong US labor demand again suggested the Federal Reserve will keep interest rates higher for longer.
Read all the Latest Business News and Breaking News here
Comments
0 comment