Stock market today: Indian stock markets opened optimistically amid supportive global signals. At 9:16 am IST, the Sensex rose 618.67 points or 1.17 percent to 53346.65, and the Nifty rose 181.10 points or 1.15 percent to 15880.40.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The jury is still out on whether this is a bear market or a corrective phase in a protracted bull market. After entering bear market territory, the Nasdaq and S&P 500 are smart This is reflected in other markets as well. The 3 percent recovery in S&P last Friday indicates that pullbacks could be sharp and the resulting short-covering could surprise positively. A key development last week was the sharp cut from 4, 3 percent in the Bloomberg commodities index.If this trend continues, inflation expectations will come down, allowing Central to slow down on tightening and bring about a soft landing for the US economy. short term is favorable for users of commodities, such as cars, whose prospects are favourable.’
Global clues
Stocks gained in Asia on Monday amid improved risk sentiment after Wall Street rebounded sharply late last week as oil prices fell, dampening fears of prolonged inflation and the accompanying aggressive tightening by the Federal Reserve. Treasury yields remained subdued and the dollar hovered near its lowest point in more than a week as investors continued to assess the prospects for rate hikes in the US and the potential for a recession.
Tokyo stocks opened higher on Monday, continuing strong rallies on Wall Street, where the weakening economic outlook moderated expectations about the central bank’s monetary tightening. The benchmark Nikkei 225 index rose 1.02 percent or 271.10 points to 26,763.07 in early trading, while the broader Topix index rose 1.00 percent or 18.60 points to 1,885.32.
Wall Street’s major indices rose in a broad rally on Friday as signs of slowing economic growth and a recent slump in commodity prices dampened expectations for the Federal Reserve’s rate hike plans. The Dow Jones Industrial Average rose 823.32 points or 2.68 percent to 31,500.68, the S&P 500 gained 116.01 points or 3.06 percent to 3,911.74 and the Nasdaq Composite added 375.43 points or 3. 34 percent to 11,607.62.
Get all the latest news, breaking news, watch top videos and live TV here.