Major benchmark indices opened positive Tuesday. The BSE Sensex rose 254.39 points or 0.44 percent to 57,875.58, and the NSE Nifty rose 76.70 points or 0.45 percent to 17,290.30. About 1,373 stocks are up, 498 stocks are down and 66 stocks are unchanged. Maruti Suzuki, Tata Steel, JSW Steel, Hindalco Industries and Hero MotoCorp were among the big winners of the Nifty, while the losers were Divis Labs, HDFC, Nestle India, Britannia Industries and SBI Life Insurance. In the broader market, the BSE MidCap and SmallCap indices were also green, up 0.49%.
Shares of PolicyBazaar parent company PB Fintech traded 2.6 percent lower after the company posted year-over-year revenue growth of 73 percent to Rs 367 crore in the quarter ended December 2021. Investors, however, seem unimpressed by the move. performance.
Indian stock benchmarks extended losses for the third straight day on Monday, amid selling across sectors excluding power and PSU banks, and mounting concerns about rising bond yields and crude prices. The Sensex closed 1,023.63 points, or 1.75 percent, lower at 57,621.19 and the Nifty ended at 302.70 points, or 1.73 percent, low at 17,213.60.
Prashanth Tapse, Vice President (Investigation), Mehta Equities Ltd., said: “Expect that near-term volatility and jerkiness will be the hallmark of Dalal Street due to Russia’s military incursion into Ukraine and US aggressive statements. Federal Reserve on its decision to hike rates. Caution will remain the order of the day and any intraday meetings are likely to cause stomach cramps.”
Speaking about Nifty’s technical outlook today, Mohit Nigam, Head – PMS, Hem Securities, said: “On a technical level, 17,045 and 17,350 are immediate support and resistance in Nifty 50. For Bank Nifty, 37,500 and 38,400 are immediate support and resistance, respectively.”
Net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1157.23 crore, data available from NSE suggested. DIIs became net sellers at a cost of Rs 1,376 crore, data suggest.
Global Markets
Wall Street ended lower Monday after investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped after reports of interest from potential buyers, including Amazon. Dow Jones finished flat at 35,091.13. S&P 500 fell 0.37 percent to 4,483.87 Nasdaq fell 0.58 percent to 14,015.67
Asian stocks opened largely higher on Tuesday despite falls on Wall Street amid ongoing uncertainties about the rapidly spreading Omicron variant, inflation and concerns about Ukraine, but investors focused on corporate earnings. The MSCI index of stocks in Asia-Pacific outside Japan rose 0.06 percent. Japan’s Nikkei gained 0.40 percent, South Korea’s Kospi rose 0.90 percent, Australia’s ASX 200 added 0.87 percent, China’s Shanghai fell 0.13 percent, Hong Kong’s Hang Seng fell by 0.98 percent.
While oil prices fell a little bit, as concerns about a tight supply were offset by signs of progress in the US-Iran nuclear talks. Brent oil fell 0.6 percent to $92.69 a barrel, and WTI oil futures fell 1.3 percent to $91.32 a barrel.
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