Home Business Sensex rises 200 points but reaches day's high

Sensex rises 200 points but reaches day’s high

Stock Market India: Sensex, Nifty rise for the second consecutive session

Indian equity benchmarks on Friday extended their winning streak for the second consecutive session. However, they ended their day well as conflicting global sentiment hurt widely riskier assets, with world stocks falling on poor corporate earnings reports.

While hopes that major central banks were on the verge of easing their rhetoric of aggressive rate hikes fueled risk appetite, a weak outlook for China and the broader global economy, disappointing results from the tech giant soured sentiments and equities. There was a temporary improvement.

The 30-share BSE Sensex index ended 203.01 points or 0.34 per cent higher at 59,959.85, and the broader NSE Nifty-50 index ended 49.85 points or 0.28 per cent higher at 17,786.80, but both benchmarks gave up some of their sharp gains from earlier in the session. .

The Sensex soared as high as 60,133.17 points during the session and Nifty jumped as high as 17,838.90 before giving up some of these gains. Nevertheless, both the benchmarks extended their winning streak for the second day in a row.

Major gainers in the Sensex pack included Mahindra & Mahindra, Reliance Industries, NTPC, Power Grid, Titan, Bajaj Finserv and Kotak Mahindra Bank.

Shares of Maruti Suzuki climbed nearly 5 per cent after trading reported that consolidated net profit more than doubled to Rs 2,112.5 crore on the back of record sales.

Tech Mahindra, Tata Steel, Sun Pharma, ICICI Bank and State Bank of India were among the laggards.

Indian stock markets were closed for regular trading on Monday and were open for an hour – called the Muhurta trading session, and Wednesday was closed for Diwali celebrations.

On Monday, the equity benchmark posted significant gains, hitting a one-month high during Muhurta trading hours to mark the beginning of the Hindu Samvat year 2079.

Barring Tuesday’s fall, which halted a seven-day rally in Indian stocks, the appeal for domestic equities has been positive in the holiday-shortened week.

Still, as investors grappled with mixed earnings reports and looked at a Federal Reserve meeting next week to see if a change in rate hike momentum was on the table, Asian stocks ended a three-day winning streak on Friday. were ready to do.

The MSCI index of Asian shares outside Japan fell more than 1.5 per cent to nearly 433 points, but remained above its two-and-a-half-year low on Monday. Still, the index is down about a third this year.

European and US futures indicated that stocks were set to fall as a disappointing earnings report added to the gloom.

In an otherwise bleak year, resilient corporate profits have been a positive, but recent disappointing figures are hurting investor sentiment.

Frank Benzimara, head of Asia equity strategy at Societe Generale, told Reuters: “Worries are becoming earnings-related, interest rate hikes remain part of the concern.”
“It is earnings and bearish risk that is hurting the market.”

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