Stock markets recover from 2-day decline on firm global cues, easing rate hike worries


- Advertisement -

Benchmark stock indices Sensex and Nifty rebounded on Tuesday after two days of decline following buying in select metal and banking shares and a bullish trend in the U.S. markets on easing rate hike worries.

The 30-share BSE Sensex climbed 275.62 points or 0.42% to settle at 65,930.77 as its 18 components advanced while 12 declined. During the day, it jumped 427.21 points or 0.65% to 66,082.36.

The broader Nifty went up by 89.40 points or 0.45% to 19,783.40. As many as 30 NSE shares gained while 20 closed in the red.

JSW Steel was the lead gainer among Sensex shares, rising by 1.76%. Tata Steel rose by 1.45%, and Titan by 1.44%.

Oil major Reliance Industries advanced 1.24%, helping the indices snap two days of losses.

Among banking shares, HDFC Bank, ICICI Bank and Axis Bank gained. Sun Pharma, Bharti Airtel, Tata Motors and Bajaj Finserve also advanced.

NTPC, Tech Mahindra, Maruti, State Bank of India and Larsen & Toubro were among the laggards.

Vinod Nair, Head of Research at Geojit Financial Services said, “Today, the market exhibited positive momentum, with attention centred on the minutes of the latest Fed meeting. The declining inflation and the recent cooling job data in the U.S. provide foundation for a dovish comment from the Fed.” The drop in bond yields and the dollar index suggests mounting speculation regarding the potential peak in the interest rate cycle.

“This will attract funds to emerging markets. The gain in the broad market was led by consumer durables and realty, thanks to a strong rebound in festive demand,” Mr. Nair added.

The U.S. dollar index eased by 0.10% to 103.33 ahead of the release of the Fed minutes later in the day.

In the broader market, the BSE smallcap gauge climbed 0.20% and midcap index gained 0.14%.

Among the indices, consumer durables jumped 1.34%, commodities climbed 0.77%, healthcare (0.59%) and financial services (0.37%).

FMCG, industrials, IT, telecommunication and oil & gas were the laggards.

A total of 2,018 stocks advanced while 1,701 declined and 134 remained unchanged on the BSE.

In Asian markets, Seoul settled with gains while Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading on a mixed note. The U.S. markets ended in positive territory on Monday as bond yields eased as well the dollar weakened.

Global oil benchmark Brent crude declined 0.61% to $81.82 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹645.72 crore on Monday, according to exchange data.

The BSE benchmark declined 139.58 points or 0.21% to settle at 65,655.15 on Monday. The Nifty slipped 37.80 points or 0.19% to 19,694.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Metroclassify. Publisher:


Please enter your comment!
Please enter your name here

Share post:



More like this

Sebi Mulling Framework For Issuance Of Subordinate Units By REITs, InvITs To Sponsors

The Securities and Exchange Board of India (Sebi) has...

Weekly Horoscope, Dec 11 to Dec 17, 2023: Astrological Prediction for All Zodiac Signs

ARIESGanesha says this is a good week for you...

Leo, daily horoscope, December 11, 2023: Love and passion take center stage

For Leo on December 11, 2023, the day is...

Taurus daily horoscope, December 11, 2023: Embrace stability and growth

For Taurus on December 11, 2023, the day brings...
%d bloggers like this: