Higher Tracking Rise In Us Equities

Higher Tracking Rise In Us Equities

On Friday, benchmark indices got off to a good start thanks to confidence in the US market and purchasing in Reliance Industries.

After a strong start, the BSE Sensex increased 297.25 points, reaching 59,903.05 points. To reach 17,599.75 points, the NSE Nifty increased by 88.5 points.

Among the gainers in the Sensex pack were Infosys, Kotak Mahindra Bank, State Bank of India, Asian Paints, Bharti Airtel, Reliance Industries, and UltraTech Cement.

The laggards were Mahindra & Mahindra, Tata Steel, Tata Motors, Maruti, and ITC.

While Japan traded in the black, South Korea, China, and Hong Kong all posted weaker quotes.

On Thursday, US markets finished higher.

Local equities may experience a favorable beginning as a result of the confidence in the overnight US markets and accompanying increase in the SGX Nifty. After the FOMC minutes, there remains some doubt, though. Before the market began for trading, Prashanth Tapse, Research Analyst, Senior VP (Research) at Mehta Equities Ltd, stated that the US Federal Reserve’s February meeting minutes indicate a few policymakers argued for a 50 basis point rate hike.

The Sensex dropped 139.18 points, or 0.23 percent, on Thursday to close at 59,605.80 points. The Nifty finished at 17,511.25 points, down 43.05 points, or 0.25 percent.

Benchmark Brent crude for international oil prices increased 0.77 percent to USD 82.84 per barrel.

According to exchange data, foreign portfolio investors (FPIs) sold shares on Thursday for a total of $1,417.24 crore.

Of the 13 sectoral indicators, ten showed a fall. 13 out of the 15 constituents of the metal stocks index (.NIFTY MET) saw losses, sending the index down 3%.

According to Astha Jain, senior research analyst at Hem Securities, “metals are under pressure due to an increase in the dollar index as commodities have an inverse proportionality to the dollar.”

The dollar index, which compares the safe-haven dollar to six other currencies, was close to a two-month high of 104.78.

Even though the S&P 500 broke a four-session losing run, the weekly jobs report increased the likelihood that the Federal Reserve would maintain its tight monetary policy stance. Wall Street shares closed the day in positive territory.

Adani Enterprises was the worst performing stock in the Nifty 50, losing more than 5% of its value. Gorakshakar claimed that because there is no assurance that the enterprises will recover, investors are reluctant to touch the equities of the Adani group

After announcing an almost five-fold increase in net profit for the December quarter, SpiceJet’s stock increased by over 12%. On the release of UPI LITE, which enables users to make rapid transactions of up to 200 rupees without a pin, Paytm (PAYT.NS) saw a boost of about 3%.

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