stock market today Indian stock markets rose for the third day in a row on Monday as prospects of slowing economic growth raised hopes that global central banks may go slow on interest rate hikes. The BSE Sensex closed 433 points or 0.82 per cent higher at 53,161. The NSE Nifty 50, meanwhile, closed 132 points or 0.85 per cent higher at 15,832. Both the indices touched their respective day’s highs of 53,509.50 and 15,927.45.
top gainers and losers
Coal India, ONGC, UPL, HCL Tech, L&T, Tech M, Hindalco, BPCL, Asian Paints, Infosys and IndusInd Bank advanced between 2 per cent and 3 per cent, while Apollo Hospitals, Eicher Motors, HDFC Life, Kotak Bank, RIL And Titan fell more than half a percent.
broad market
in wide markets, nifty Midcap and smallcap indices rose 1 per cent and 2 per cent, respectively.
regional index
Sectorally, Nifty seen in broad-based rally auto The index ended with a gain of 2 per cent and the Nifty Metal Index closed with a gain of 1.6 per cent.
Hindustan Copper rose over 2 per cent in stocks. The state-owned company will meet on Thursday to consider a proposal to raise up to Rs 500 crore through debentures.
SBI Cards rose 3 per cent after the company’s May credit card spend rose 8 per cent from April.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “The jury is still out on whether this is a bear market or a corrective phase in a long-term bull market. Nasdaq and S&P 500 smartly bounced back after falling into bear market territory. And it is visible in other markets as well. A 3 per cent jump in the S&P last Friday indicates the pullback could be bullish and could result in a surprise short-covering upside. A significant development last week was Bloomberg Commodity There was a sharp cut of 4.3 per cent in the index. If this trend continues, inflation expectations will ease, helping to harden the center and achieve a soft landing for the US economy. Commodity prices in the near term The fall is beneficial for commodity users like auto, whose prospects are increasing.”
global signal
Stocks in Asia recovered on Monday after Wall Street rebounded strongly late last week as easing oil prices, prolonged inflationary fears, coupled with aggressive Federal Reserve tightening, weighed heavily on Wall Street. returned. Treasury yields remained subdued and the dollar hovered near its lowest level in more than a week as investors continued to gauge the outlook for US rate hikes and the prospect of a recession.
Shares in Tokyo opened higher on Monday, extending strong rallies on Wall Street, where a weak economic outlook dampened hopes of a monetary tightening from the central bank. The benchmark Nikkei 225 index was up 1.02 per cent, or 271.10 points, at 26,763.07 in early trade, while the broader Topix index was up 1.00 per cent, or 18.60 points, at 1,885.32.
Wall Street’s main indexes rose in a broader rally on Friday as signs of slowing economic growth and a recent slide in commodity prices dampened expectations for the Federal Reserve’s rate-hike plans. The Dow Jones Industrial Average rose 823.32 points, or 2.68 percent, to 31,500.68, the S&P 500 rose 116.01 points, or 3.06 percent, to 3,911.74 and the Nasdaq Composite rose 375.43 points, or 3.34 percent, to 11,607.62.
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