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Share Market Today Updates: Sensex climbs 300 points, Nifty settles above 17,600-mark led by FMCG, autos, financials

Stock Market Today, Sensex, Nifty Share Prices Updates: The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped out of their three-session losing streak and rose over 0.5 per cent on Monday led by gains in fast-moving consumer goods (FMCG), automobile and financial stocks.

The S&P BSE Sensex rose 300.44 points (0.51 per cent) to end at 59,141.23 and the Nifty 50 climbed 91.40 points (0.52 per cent) to settle at 17,622.25. Both the indices had opened on a flat note earlier in the day and slipped around 0.5 per cent in the early deals before staging a recovery in the late morning trade.

On the Sensex pack, Mahindra & Mahindra (M&M), Bajaj Finance, State Bank of India (SBI), Hindustan Unilever (HUL), Nestle India, Bajaj Finserv, Housing Development Finance Corporation (HDFC), ITC and Axis Bank were the top gainers of the day. In contrast, Tata Steel, ICICI Bank, Power Grid Corporation of India, NTPC, Asian Paints and Larsen & Toubro (L&T) were the top losers.

Among sectoral indices on NSE, the Nifty PSU Bank index surged 2.03 per cent, Nifty Media climbed 1.26 per cent, Nifty FMCG rose 1.07 per cent, Nifty Auto inched 0.92 per cent.

In the broader market, the S&P BSE MidCap slipped 40.40 points (0.16 per cent) to end at 25,517.81 while the S&P BSE SmallCap declined 49.61 points (0.17 per cent) to settle at 29,149.78.

“The recently released US inflation data, has confirmed that the inflation print would force the US Fed to increase its pace of rate hikes. Moreover, the global slowdown concerns have been aggravated by COVID restrictions in China. While both the US Fed and India’s RBI have taken a hawkish stance to fight against the simmering inflationary pressure, the macroeconomic uncertainties are going to intensify the market going ahead. India is trading at a premium valuation compared to emerging markets on high growth expectations. We expect the outperformance to continue given the FII investments and strong macros for the Indian economy. We expect strong economic rebound and better visibility in the near term. However, global markets including India are likely to see some correction in the next couple of weeks,” said Mitul Shah, Head of Research at Reliance Securities.

Global Market (from AP)

Shares opened lower in Europe after a day of declines for most Asian markets, as investors braced for another interest rate hike this week by the US Federal Reserve. Britain was observing a day of mourning for Queen Elizabeth II. Japan’s markets were closed for a holiday.

Germany’s DAX lost 0.3 per cent to 12,701.41 while the CAC 40 in Paris shed 0.9 per cent to 6,023.55. The future for the S&P 500 was down 0.6 per cent while the contract for the Dow industrials was 0.5 per cent lower.

Hong Kong’s Hang Seng lost 1 per cent to 18,565.97 while the Shanghai Composite index shed 0.4 per cent to 3,115.60. Australia’s S&P/ASX 200 gave up 0.3 per cent to 6,719.90. In Seoul, the Kospi sank 1.1 per cent to 2,355.66.




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