Asian Paints, NTPC, Titan Win As Sensex Finishes Higher, Rupee Rises 34 Paise

The benchmark Sensex stock index rose 477 points on Tuesday, following the gains of index heavyweights Reliance Industries, Infosys and HDFC Bank amid a positive trend in global markets.

The 30-stock index jumped 477.24 points or 0.83% to end at 57,897.48. Likewise, the Nifty rose 147.20 points or 0.86% to 17,233.45.

Best winners:

Asian Paints was the first winner of the Sensex pack, with an increase of almost 3%, followed by Sun Pharma, M&M, NTPC, UltraTech Cement and Titan.

Top losers:

On the other hand, IndusInd Bank and PowerGrid have lagged behind.

The resilience of the US market (the S&P 500 set its 69th record on Monday) and the surge in crude oil indicate that the Omicron variant, although on the rise, is unlikely to have a significant impact on economic activity, has said VK Vijayakumar, director of investments. Strategist at Geojit Financial Services.

Elsewhere in Asia, the Shanghai, Hong Kong, Seoul and Tokyo stock exchanges ended on a positive note. European stock exchanges were also trading largely with gains in midterm deals.

Meanwhile, international benchmark Brent crude oil rose 0.61% to $ 78.70 a barrel.

In another development, the rupee jumped 34 paise to close at 74.66 (provisionally) against the US dollar on Tuesday, following positive domestic actions amid growing appetite for higher risk assets.

In the interbank forex market, the local unit opened at 74.95 against the greenback and saw an intraday high of 74.60 and a low of 74.95.

In the previous session, the rupee appreciated 3 paise to 75 against the US dollar.

Positive movements in Indian stock indices and strengthening in Asian currencies boosted sentiment, traders said, adding that trading is expected to remain limited this week ahead of the year-end holiday.

However, Omicron’s concerns and firm crude oil prices limited the local unit’s appreciation bias to some extent.

On the national stock market front, the BSE Sensex finished 477.24 points or 0.83 percent higher at 57,897.48, while the larger NSE Nifty rose 147 points or 0.86 percent at 17,233.25.

Meanwhile, the dollar index, which measures the strength of the greenback against the basket of six currencies, fell 0.08% to 96.02.

Futures on Brent crude, the world’s benchmark for oil, rose 0.57% to $ 79.05 a barrel.

Foreign institutional investors remained net sellers in the capital market on Monday as they dumped shares worth Rs 1,038.25 crore, according to stock data.


Source link

Margarita B. Bittner