Home Business Sensex crosses over 1,000 points above 58,000 mark, but risks remain

Sensex crosses over 1,000 points above 58,000 mark, but risks remain

Stock Market India: Nifty rose over 1.7 per cent

Domestic equity benchmarks rose sharply on Friday, reflecting gains in Asian markets after Wall Street stocks made a remarkable overnight return and closed significantly higher after a deep selloff earlier in a highly volatile session.

The BSE Sensex index jumped 1,087.14 points to 58,322.47 in early trade and the broader NSE Nifty climbed 317.3 points to 17,331.65.

All Sensex constituents rose, with Infosys trading over 4 per cent, followed by HCL Technologies, Tech Mahindra, ICICI Bank, HDFC Bank, Larsen & Toubro, State Bank of India, Kotak Mahindra Bank and HDFC Ltd.

Infosys, India’s second largest provider of IT services, reported a 11 per cent rise in consolidated net profit for the September quarter at Rs 6,021 crore and a better-than-expected share repurchase program of Rs 9,300 crore on Thursday.

MSCI’s broader index of Asia-Pacific shares outside Japan was up nearly 1.5 per cent in early Asian trade. South Korea rose 2 percent, Australia’s resource-heavy stock index rose more than 1.6 percent and Japan’s Nikkei rose more than 2.5 percent.

The Chinese blue-chip index opened nearly 1 per cent higher as the governor of China’s central bank vowed to increase support for the real economy as the COVID lockdown extended ahead of the crucial Communist Party congress.

Investors sold off shares at the start of the week in anticipation of a higher US inflation reading; Thanks to Friday’s rebound, the Asian index has cut its weekly losses to just under 3.5 per cent.

On Thursday, US core inflation, which does not include food and fuel prices, exceeded expectations and came in at 6.6 percent, the biggest annual increase in 40 years, driven primarily by significant price increases in the services sector. Inspired by.

But a softening in risk appetite was already evident, with US futures pointing to a lower opening.

“There is no concrete way to explain the overnight equity move in the US if inflation continues to exceed expectations for September,” said Robert Cornell, head of regional research for Asia-Pacific at ING.

“So on almost every metric, these figures scream that the Fed will raise rates faster, take them higher and leave them for longer than the market expects. And that increases the chances of a recession, even.” That even a bad recession.” ,

RELATED ARTICLES

Forex reserves rise for third straight week to $550 billion

<!-- -->For the week ended November 18, India's reserves stood at $547.25 billion. (File)Mumbai: India's foreign exchange reserves rose for the third consecutive...

Deadline for 30% cap on UPI transactions by payments firms extended

<!-- -->UPI facilitates peer-to-peer online money transfers through mobile apps. (File)Mumbai: India has decided to extend the deadline for capping share of digital...

NSE launches new Nifty Bharat Bond Index

<!-- -->The total assets under management of all India Bond ETFs has now grown to over Rs 52,000 crore.New Delhi: NSE Indices, a subsidiary...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

England Sense Lead Despite Three Pakistan Centurions In First Test | cricket news

England found ways to take wickets and sensed a good lead despite hundreds from three Pakistan players on the third day of the opening...

“Keep Phones Away From Kids And Let Them Play To Avoid Obesity”: Kapil Dev | cricket news

Former Indian cricketer Kapil Dev recently shared that obesity in children can be tackled by keeping the phone away from them and letting them...

Mitchell Starc Continues Love Affair With Clean Bowling Batters. Watch | cricket news

AUS vs WI, 1st Test: Glimpse of Mitchell Starc's delivery to dismiss Da Silva© TwitterAustralia continue to dominate the ongoing first Test against West...

FIFA World Cup 2022, Round Of 16 Fixtures: Check Who Plays Whom And When In Knockout Stage | football news

Photo from Japan vs Spain match in FIFA World Cup 2022.© AFPThe FIFA World Cup 2022 in Qatar now enters its knock out stage....

Recent Comments