Sensex today: The global rally lifted India’s benchmark indices on Monday as investors shook off their hawkish policies from global central banks. The S&P BSE Sensex rose 322 points, or 0.54 percent, to 60,115, while the Nifty50 finished at 17,936, 103 points, or 0.58 percent higher. Both indices reached intra-day highs of 60,284.55 and 17,980.55 respectively.
The resilience of the broader markets, meanwhile, continued on the exchanges, with the BSE MidCap and SmallCap indices rising up to 1 percent.
Tech M, Titan, Axis Bank, Infosys, Ultratech Cement, Bajaj Finance, Tata Steel, Wipro, RIL and TCS were the biggest large-cap winners, while HAL, ACC, Godrej Properties, Jubilant FoodWorks, Aurionpro Solutions, Xchange Solutions, Repco Home Finance stole the show in the wider markets. All of these stocks rose between 1 and 20 percent.
Sectorally, it was a sea of green with the Nifty Realty and IT indices topping the charts, up 2 percent and 1.4 percent respectively. The Nifty Auto index posted the smallest gain of 0.27 percent.
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd., said: “Technically, Nifty has a long negative candle on the daily chart with a small lower shadow, while it ended with a long bull candle on the weekly chart, indicating that volatility is likely to prevail in the market, however, with a positive market size, one can expect the Index to challenge the psychological level of 18,000 Nifty is likely to move towards 18,300 in September 2022 as it reaches the January 2022 swing high Nifty also registered a bullish gold crossover in August (50-DEMA cross above 200-DEMA), implying a major shift in momentum from a medium-term perspective. Nifty has also delivered a convincing break from a bearish channel of eight months, signaling the end of the corrective phase and the breakout is well supported by sequential improvement in market breadth. The index is likely to open at a flat to light opening during the day and is likely to continue its positive momentum challenging 18,000 levels. For example, one can use dips towards 17,775-17,735 to create a short-term long position towards the target of 18,300.”
rupee
The rupee appreciated 12 paise, closing at 79.57 against the US dollar on Friday, tracking positive domestic stocks and foreign fund inflows.
Global clues
Asian stock markets made tentative gains on Monday in hopes that a key reading of US inflation will show some cooling, while the US dollar was held back by the risk of higher European interest rates and Japanese intervention.
Tokyo stocks opened higher on Monday, following Wall Street rallies as investors accepted the prospect of more rate hikes by the central bank. The benchmark Nikkei 225 index rose 0.96 percent or 269.59 points to 28,484.34 in early trading, while the broader Topix index rose 0.75 percent or 14.83 points to 1,980.36.
US stocks rose on Friday, with the major indices posting their first weekly gains in four weeks as investors went on a buying hunt and shook off concerns about the economic outlook.
Oil prices fell during Asian trading Monday as the prospect of further rate hikes in the United States and Europe to suppress inflation and the imposition of strict COVID-19 restrictions in China overshadowed the global demand outlook.
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