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Home Economy

Sensex ends 6-day losing run, wins 237 points at close; Handy above 15,300; HUL up 4%

by Nick Erickson
June 20, 2022
in Economy
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Sensex wins over 1,300 points, handy offenses 16,700; Know why the market is rising today
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Extreme volatility gripped markets today as benchmark indices – S&P BSE Sensex and Nifty50 – fluctuated with gains and losses throughout the day. The BSE Sensex closed 237 points, or 0.46 percent, higher at 51,598 on Monday, after hitting a high of 51,715 and a low of 51,063 intra-day. On the NSE, the Nifty50 closed at 15,530 points, up 57 points or 0.37 percent. The index remained in the range of 15,191 to 15,383 throughout the day. This was the first gain for benchmark indices in seven days.

HUL, HDFC, HDFC Bank, Infosys, TCS and Asian Paints helped boost benchmark indices as heavyweights rose between 1 percent and 4 percent. On the other hand, Tata Steel, RIL, L&T, SBI and Axis Bank exerted pressure by falling to 4.6 percent.

In broader markets, MRPL, Chennai Petrochemicals, Mirza International, Ramco Systems, Oil India, HAL, JSW Energy and Tata Power fell to 19 percent on GSE.

Sectorally, the Nifty Metal and Oil & Gas indices fell more than 3 percent each, while the PSB index fell more than 2 percent. On the higher end, the Nifty FMCG index was up about 2 percent.

Shares of metals companies came under heavy pressure on Monday, with the S&P BSE Metal index hitting a 15-month low amid concerns about a slowdown in demand. Tata Steel, Hindalco Industries, Jindal Steel and Power (JSPL), NMDC and Vedanta have lost up to 35 percent in the past month.

“Positive trends in global markets inspired the domestic market to trade positively, with large caps gaining the most while mid and small caps continued to trade with austerity measures. The prevailing inflationary pressures and concerns about policy tightening limited upside potential. Van de sectoren waren metalen de grootste achterblijver vanwege een scherpe daling van de grondstoffenprijzen en een daling van de wereldwijde en binnenlandse vraag’, zegt Vinod Nair, hoofd onderzoek bij Geojit Financial Services.

Global clues

Asian stocks tried to sustain a rare rally on Monday as Wall Street futures posted early gains, perhaps in hopes that a US holiday would interrupt recent sales, although worries about the global recession were never far away. MSCI’s broadest index of Asia-Pacific stocks outside of Japan rose 0.1 percent in thin trading. The Nikkei in Tokyo added 0.6 percent after it was recently bolstered by a sharp decline in the yen, boosting exporters.

Tokyo stocks opened higher Monday after a mixed close on Wall Street as fears mount that central bank rate hikes could trigger a global recession. The benchmark Nikkei 225 index rose 0.71 percent or 183.42 points to 26,146.42 in early trading, while the broader Topix index rose 0.51 percent or 9.38 points to 1,845.28.

US stocks closed a modest jump on Friday, but still suffered the biggest weekly percentage drop in two years as investors grappled with the growing prospect of a recession as global central banks tried to stamp out inflation. The Dow Jones industrial average fell 38.29 points, or 0.13 percent, to 29,888.78, the S&P 500 gained 8.07 points, or 0.22 percent, at 3,674.84 and the NASDAQ composite added 152 .25 points, or 1.43 percent, to 10,798.35.

The expert opinions and investment tips in this News18.com report are their own and not the website’s or its management. Users are advised to contact certified experts before making any investment decisions.

Get all the latest news, breaking news, watch top videos and live TV here.

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