After a volatile week, the Sensex and Nifty started in the green on Monday as SGX Nifty futures fizzled out early gains. At 09:16 IST, the Sensex was up 288.99 points or 0.53 per cent at 54615.38, and the Nifty was up 77.80 points or 0.48 per cent at 16344. Talking about the overall market breath about 1563 shares have advanced, 531 shares declined, and 98 shares are unchanged in the opening session.
Maruti, NTPC, M&M, Titan, Nestle, Asian Paints, IndusInd Bank, Ultratech Cement, Kotak Bank and Dr Reddy’s were the top gainers on the Sensex, rising up to 4 per cent. While, Tata Steel fell 10 per cent, leading losses.
Steel stocks are likely to see a correction in the short-term as the levy of export duties on certain steel products is negative for the sector, while a reduction in customs duties on raw materials and the consequent lower steel prices would benefit sectors such as construction, capital goods and automobiles.
On the flip side, metal stocks slumped on the increase in steel export duty. Tata Steel and JSW Steel fell 10 per cent each, leading losses on Sensex and Nifty, respectively.
The broader markets were mixed. The BSE MidCap rose 0.16 per cent while the SmallCap index was down 0.11 per cent.
Sectorally, Nifty Metals plunged over 6 per cent, while auto index led gains, up over 2 per cent. Realty and consumer durables were other gainers. While, Nifty IT and financials held muted gains.
Fears of recession propelled the S&P500 briefly into a bear market on Friday before it closed flat. Some recovery also led the Dow to close unchanged, while the Nasdaq fell 0.3 per cent. However, stock futures in the US gained over 1 per cent on Monday.
Asian markets were mixed this morning. Asian stocks came under pressure on Monday as persistent worries about inflation and rising interest rates dogged the global economic outlook and fresh selling in technology stocks weighed on Chinese markets. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, after U.S. stocks ended the previous session with negligible gains for the day. The index is down 3.6 per cent so far this month. A negative tone was evident as Hang Seng Index slid 0.38 per cent and the mainland’s CSI300 dropped 0.37 per cent. Japan’s Nikkei stock index was 0.8 per cent higher.
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