Greenery returned to the stock market; Sensex strengthened by 300 points, Nifty crossed 25850

Sensex Opening Bell: Greenery returned to the stock market; Sensex strengthened by 300 points, Nifty crossed 25850

Oct 1, 2024 - 13:28
 0
Greenery returned to the stock market; Sensex strengthened by 300 points, Nifty crossed 25850
Greenery returned to the stock market; Sensex strengthened by 300 points, Nifty crossed 25850

On Tuesday, the benchmark equity indices Sensex and Nifty turned green. The previous session saw investors book near-record profits. As a result, the market closed in the red. However, index heavyweight stocks such as Reliance Industries, IT, and banking saw gains on Tuesday. At 9:19 a.m., the BSE Sensex was up 328 points, or 0.39%, at 84,6028. Nifty50 rose 85 points, or 0.33%, to 25,895.

The biggest contributors to the gain of Sensex were HDFC Bank, Infosys, L&T, ICICI Bank, Reliance Industries, Axis Bank, and Tech Mahindra while Asian Paints, JSW Steel, Bajaj Finance, Tata Steel, and HUL declined. On the domestic front, auto stocks rose as much as 1.6% ahead of the release of monthly sales data later in the day. Ashok Leyland was the top gainer in the Nifty auto index. The Nifty IT index was up 0.9% led by Tech Mahindra, Infosys, and Mphasis after comments by Federal Reserve Chairman Jerome Powell crushed hopes of another sharp rate cut.

On Monday, Jerome Powell Powell indicated that the US central bank will likely stick to policy rate cuts after new data showed confidence in economic growth and consumer spending. Among individual stocks, SpiceJet jumped 5.5% higher. Gujarat-based Plutus Wealth Management acquired 85 lakh shares of SpiceJet, worth Rs 51 crore, through a block deal. The stock rallied after the news broke.

On Tuesday, the Asian stock edged closer to a two-and-a-half-year high. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.13% to 620.05 in Tuesday trade, after rising to 627.66 in the previous session, its strongest level since late June 2018. The index is up 17% this year. Japan's Nikkei rose 1.5% in early trade after falling 4.8% on Monday.

Further talking about the FIIs/DIIs, foreign institutional investors sold equities worth Rs 9,792 crore on September 30. Domestic institutional investors stood in with equities worth Rs 6,645 crore bought on the same day.

Crude oil prices were unchanged on Tuesday as strong supply prospects and subdued global demand eased concerns that mounting conflict in the Middle East could hurt output. The Indian unit depreciated 2 paise to 83.81 against the US dollar in early trade. The dollar index, which tracks the greenback's movement against a basket of six major currencies, increased 0.05% to 100.82.

Muskan Kumawat Journalist & Writer