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Sunday, February 5, 2023

Markets Halt 6-Day Losing Streak

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MUMBAI, June 20 (PTI): Snapping a six-day losing run, equity indices settled in the green after a highly volatile session on Monday, with the Sensex climbing 237 points amid positive cues from European markets.
The BSE benchmark gained 237.42 points or 0.46 per cent to settle at 51,597.84. During the day, it hit a high of 51,714.61 and a low of 51,062.93.
The NSE Nifty ended 56.65 points or 0.37 per cent higher at 15,350.15.
From the Sensex pack, Hindustan Unilever, HDFC, Wipro, UltraTech Cement, Asian Paints and HDFC Bank were among the biggest gainers, climbing as much as 3.97 per cent.
On the other hand, Tata Steel, IndusInd Bank, Reliance Industries, M&M, NTPC and State Bank of India were among the major laggards.
“Positive trends in the global markets inspired domestic market to trade positively with large caps gaining the most while mid and small caps continued to trade with cuts.
“Prevailing inflationary pressure and concerns over policy tightening limited the upside,” said Vinod Nair, head of Research at Geojit Financial Services.
In the broader market, the BSE smallcap gauge dived 2.95 per cent and midcap index declined by 1.39 per cent.
Among the BSE sectoral indices, metal tumbled 4.46 per cent, followed by oil and gas (3.48 per cent), energy (3.26 per cent), basic materials (2.30 per cent) and capital goods (2.14 per cent).
FMCG, finance, healthcare, IT and teck recorded gains.
“Markets finally heaved a sigh of relief and logged steady gains after early optimism in key European indices prompted selective buying in IT, finance and healthcare stocks.
“However, the bearish undertone can be seen from the fact that heavy selling continued in metals, oil & gas and capital goods stocks as worries of growth slowdown resulted in a fall in these stocks,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
In Asia, markets in Tokyo, Seoul and Shanghai settled lower, while Hong Kong ended in the green.
European markets were trading higher in mid-session deals.
Meanwhile, international oil benchmark Brent crude gained 0.06 per cent to USD 113.2 per barrel.
The rupee appreciated by 7 paise to settle at 77.98 (provisional) against the US dollar on Monday as crude oil prices retreated from elevated levels.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 7,818.61 crore on Friday, as per exchange data.

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