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Saturday, April 20, 2024

Markets are up for a third day in a row, with the Sensex rising beyond 62,000 in the early going


The benchmark indexes started trading Tuesday on a high note, rising for the third straight day on new foreign capital inflows and persistent buying in IT sectors.
In early trading, the 30-share BSE Sensex increased 187.61 points to 62,151.29. To 18,383.75, the NSE Nifty increased 69.35 points.
The top gainers among the companies listed on the Sensex were Infosys, Bajaj Finserv, IndusInd Bank, Bajaj Finance, HCL Technologies, Tech Mahindra, Wipro, Tata Consultancy Services, Asian Paints, and ITC.
The underperformers were Titan, Kotak Mahindra Bank, Bharti Airtel, Mahindra & Mahindra, and Tata Motors.
Seoul and Tokyo were trading higher on Asian markets, while Shanghai and Hong Kong were trading down.
Monday's US market closed largely higher.
According to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., “the silver lining lies in the fact that the impending June 1st deadline for raising the US debt limit, which could potentially lead to a financial crisis, seems to be having minimal impact on the Nifty.”
There was no deal reached as negotiators struggled to extend the country's borrowing limit in time to prevent a possibly disorderly federal default, according to US President Joe Biden and House Speaker Kevin McCarthy, who both claimed they had a fruitful debt ceiling meeting late Monday at the White House.
After taking a day off, Foreign Institutional Investors (FIIs) became buyers on Monday, purchasing shares of stock worth Rs 922.89 crore, according to exchange data.
Brent crude, the benchmark for all crude oil, increased 0.29 percent to USD 76.21 a barrel.
On Monday, the BSE benchmark increased 234 points, or 0.38 percent, to close at 61,963.68. To finish at 18,314.40, the Nifty gained 111 points, or 0.61 percent.


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