Home Business Sensex rises over 100 points, rises for sixth consecutive day and beats...

Sensex rises over 100 points, rises for sixth consecutive day and beats global gloom

Stock Market India: Sensex climbs over 100 points for six consecutive days

Indian equity benchmarks on Friday edged higher for the sixth straight session, defying a broader global risk asset sell-off driven by fears of a sharp global economic slowdown from rising borrowing costs across the globe.

The 30-share BSE Sensex index ended 104.25 points or 0.18 per cent higher at 59,307.15, and the broader NSE Nifty-50 index ended 12.35 points or 0.07 per cent higher at 17,576.30.

Both the major stock exchanges, BSE and NSE, will hold a one-hour special Muhurta trading session on Monday, which will mark the beginning of ‘New Samvat 2079’ – the Hindu calendar year that begins with Diwali.

ICICI Bank, Hindustan Unilever, Kotak Mahindra Bank, Nestle, Titan and UltraTech Cement were among other notable gainers in the 30-share pack.

However, Larsen & Toubro, IndusInd Bank, Bajaj Finance and Bajaj Finserv were among the laggards.

On the NSE, Axis Bank stock rose nearly 10 per cent to hit a record high of Rs 906 per share on Friday, after posting solid earnings growth late on Thursday.

Despite weak investor sentiment globally for riskier assets – both domestic benchmarks edged up – including a return of losses in the morning session.

The momentum was further boosted by foreign institutional investors (FIIs), who turned net buyers in the market on Thursday after several sessions.

Despite falling global stocks and rising Treasury yields, traders bet the Federal Reserve will continue raising interest rates until inflation can be controlled. Investors also analyzed recent earnings reports to gauge how well corporations were adapted to various challenges.

An indicator of Asian stocks pointed to a second week of declines. The US is reportedly exploring new export rules that would restrict China’s access to advanced computing technologies, causing the shares of several Chinese chip-related companies to fall.

European stocks fell and Wall Street futures gauges pointed to open lower levels.

Twitter shares fell up to 16 percent in premarket trading after US administration officials were debating whether the US should evaluate some of Elon Musk’s ventures for national security reasons, including offering a social media business. There was a decline.

As traders factored in the higher peak Fed policy rate, the yield on the 10-year US note rose to its highest level since 2007, boosting the dollar. More intervention may be needed to stabilize the Japanese currency, amid concerns that the yen has plunged to the widely seen 150-to-dollar barrier.

“The move to the US Treasury is reminiscent of 2007, and we can continue to pressure the market until yields reach levels seen just before the 2008 crisis, where 2 years just over 5 percent and 10- According to Bloomberg, economists at Rand Merchant Bank said in a note on Friday, “year to nearly 5.30 percent.”

“With yields at current levels, it is not surprising to see that the greenback is backed – pressure on most riskier assets – while equity market volatility remains high.”

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