Home Business Sensex climbs over 150 points, to extend rally for sixth straight day

Sensex climbs over 150 points, to extend rally for sixth straight day

Stock Market India: Benchmark equity indices edge up despite global selloff

Indian equity benchmarks extended their winning streak for a sixth straight day on Friday, even as Treasury yields eased their pressure on aggressive rate hikes since the global financial crisis and concerns about their impact on the global economy. reached the highest level.

The BSE Sensex index rose 327.9 points to 59,530.80 and the NSE Nifty index rose 89.65 points to 17,653.60 in early trade, beating the broader Asia index in the red.

Despite weak investor sentiment globally for riskier assets – including reversal of losses in the morning session – both benchmarks remained rallied.

Prashant Taapsee, Senior Vice President, Research at Mehta Equities, said before the opening bell, “Domestic stocks may weaken in early trade on Friday.

“However, market sentiment may pick up after FIIs turn net buyers of local stocks in tomorrow’s trade. Besides, rupee is consolidating below 83 mark, better-than-expected Q2 so far, and oil Prices have remained subdued at $85 a barrel. The barrel will help the market gain gains ahead of the Diwali festival.”

According to preliminary data from the National Stock Exchange, foreign institutional investors (FIIs) bought shares worth Rs 18.65 billion ($2252 million) on Thursday, while domestic investors sold shares worth Rs 8.87 billion.

India’s most valuable company, oil-to-retail conglomerate Reliance Industries, will also track market quarterly earnings results in the day.

Meanwhile, Asian stocks tracked Wall Street down, with indices falling in Australia, South Korea and Japan. Hong Kong and mainland Chinese stock prices were in a see-saw mode.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5 per cent, though it was more than a two-and-a-half-year low in the previous session.

As a result of economic uncertainty, which led the S&P 500 to gain more than 1 percent, with out-of-pocket losses, US futures declined in the hours of Asia.

“It’s all so difficult… the problem is that the macro environment still remains difficult,” Shane Oliver, chief economist at AMP Capital, told Reuters. Focuses on tough environments.

Ahead of Friday’s $2 trillion options expiration and fresh corporate earnings, US equity volatility is showing no signs of easing.

US technology stocks experienced more extreme intraday movements than the S&P 500 after Philadelphia Federal Reserve Chairman Patrick Harker said the central bank would “raise rates for a while.”

“We’re in the middle of third-quarter earnings season in the US, and I think what really sets it apart is the lack of a downgrade,” said Julia Lee, equity investment strategist at State Street Global Advisors. said on Bloomberg television.

“We’ve still seen commentary around a very strong economic background, and that’s what the Federal Reserve doesn’t want to see.”

Meanwhile, as investors processed the news that British Prime Minister Liz Truss had resigned after only six weeks in office, sterling in the currency market fell.

According to Tapas Strickland, head of market economics at National Australia Bank, no one was surprised by her resignation, given the outright rejection of Ms Truss’s proposals by the UK finance minister.


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