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Home Economy

Stock Updates: Sensex Up 200 Points, Handy Around 16,200; IT stocks are bleeding

by Nick Erickson
May 25, 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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The Sensex and Nifty benchmark indices started off with slight gains on Wednesday as global signals remain lukewarm. At 09:16 IST, the Sensex rose 287.85 points or 0.53 percent to 54340.46, and the Nifty rose 88.70 points or 0.55 percent to 16213.90. In the total market size, 1178 shares have been claimed, 459 shares have fallen and 81 shares have remained unchanged.

IndusInd Bank, HDFC, NTPC, ICICI Bank, Axis Bank and Reliance were the top winners at the Sensex, while Asian Paints, TCS, Wipro, Infosys and Tech M were the biggest losers.

On the other hand, Asian Paints, IT majors-TCS, Wipro, Infosys, Tech M, HCL Tech were the biggest losers on the 30 stock index. Adani Ports and Grasim suffered additional losses at Nifty.

The broader markets also opened in the green. The BSE MidCap and SmallCap indices rose to 0.4 percent.

Industry-wise, banking indices – Nifty bank, PSBs, financial institutions and private banks – rose 1 percent each, leading the gains. While Nifty IT fell 1.5 percent, Nasdaq’s losses followed Tuesday.

Shares of Strides Pharma Science rose more than one percent, despite a 71.2 percent decline in the company’s EBITDA to Rs 46.10 crore in Q4FY22, compared to Rs 160.20 crore in Q4FY21.

Global clues

Shares on Wall Street lost ground on Tuesday amid mounting concerns that continued high inflation will dampen corporate earnings. The S&P 500 fell 0.8 percent, while the Nasdaq fell 2.3 percent. The Dow Jones Industrial Average posted a 0.2 percent gain, mainly due to large gains for McDonald’s and UnitedHealth. Major technology and communications companies helped put pressure on the broader market, although some sales eased towards the end of the afternoon.

Tokyo shares opened lower Wednesday after US stocks largely retreated amid growth concerns following a profit warning from Snapchat owner that shocked the tech sector. The benchmark Nikkei 225 index fell 0.13 percent or 36.02 points to 26,712.12 in early trading, while the broader Topix index fell 0.08 percent or 1.56 points to 1,876.70.

Hong Kong shares that opened barely moved after a lukewarm lead from Wall Street on Wednesday morning as traders worried about the impact of the US rate cut. The Hang Seng index rose 3.46 points to 20,115.56. The Shanghai Composite Index barely moved and fell 0.76 points to 3,070.17, while the Shenzhen Composite Index on China’s second exchange added 0.18 or 3.43 points to 1,925.90.

Brent Crude and WTI each added about one percent in morning deals, trading at $114.6 and $111 a barrel, respectively.

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.

Read all the latest news, breaking news and IPL 2022 Live Updates here.

Tags: bleedingDailyExpertNewsHandypointsSensexstockStocksUpdates

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