Despite a weak Asian set-up and rising domestic wholesale inflation, Indian stock markets rose for the fifth day in a row on Monday. The Sensex added 935 points, while the Nifty50 increased 240 points. Strong buying support was seen in IT and banking stocks. Broader markets remained in the green, with MidCap up 0.02 percent and SmallCap up 0.31 percent.
Infosys was the biggest riser on the stock markets today with a rise of 4 percent. That aside, HDFC Bank, SBI, Axis Bank, Maruti Suzuki, ICICI Bank, Titan, Wipro and HDFC were the other top performers today, fluctuating between 2 and 3.5 percent.
On the other hand, ONGC, Indian Oil Corporation, HUL, Tata Motors, Coal India, HDFC Life, JSW Steel, and Sun Pharma were the biggest barriers, falling 1 to 2 percent.
However, the broader markets far outperformed their large-cap counterparts. The BSE MidCap and SmallCap indices rose just 0.02 percent and 0.3 percent, respectively.
Of individual stocks, Jubilant FoodWorks fell 14.6 per cent to hit a new 52-week low of Rs 2,444 per share on the BSE in intra-day trading Monday as most brokers cut shares after the resignation of CEO Pratik Pota.
In addition, shares of One97 Communications, the parent company of digital payments major Paytm, fell 14.5%, reaching a new low of Rs 662 on the BSE in intra-day trading Monday after the Reserve Bank of India ( RBI) Paytm Payments Bank had blocked. (PPBL) to take on new customers with immediate effect due to certain oversight issues.
Sector-wise, the Nifty Realty index fell the most on the NSE, falling 2 percent, while the Nifty Bank, Financial Services and IT indices rose 2 percent each.
Vinod Nair, Head of Research at Geojit Financial Services, said: “We are gaining traction as the strategy shifts from tactical selling to tactical buying. Investments are declining as commodity prices are on the rise. FII sales and crude prices are oil decline, expected to continue based on diplomatic developments and give a head start on the domestic market Global investors, as expected, are bracing for rate hikes Domestic WPI has risen, but the market is ignoring this as future prices could look gloomy become.”
Mohit Nigam, Head – PMS, Hem Securities, said: “As the new week kicks in, investor sentiment will once again shift to the ongoing battle between Ukraine and Russia. Investors will also pay attention to rising crude oil prices and their impact on the domestic market. prices and the economy as a whole. It will be interesting to see when the government will increase domestic fuel prices.”
Global clues
Wall Street ended a dismal week on Friday with further losses as traders braced for lingering economic fallout from Russia’s invasion of Ukraine and impending Federal Reserve rate hikes, as European indices posted gains. The Dow Jones Industrial Average fell 229.88 points or 0.69% to 32,944.19, the S&P 500 lost 55.21 points or 1.30% to 4,204.31 and the Nasdaq Composite fell 286.15 points or 2.18 percent to 12,843.81.
Asian stocks rose Monday on hopes for progress in Russia-Ukraine peace talks. As Russian missiles hit a major Ukrainian base near the border with Poland on Sunday, both sides gave their most optimistic assessment yet about the prospects for talks. Japan’s Nikkei rose 1.1 percent, while MSCI’s broadest index of Asia-Pacific stocks outside Japan was up 0.1 percent after falling nearly 4 percent last week.
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