The stock market ended higher on Monday despite negative global cues. Sensex rose 442 points to 59,245 and Nifty closed 126 points higher at 17,665. Of 30 Sensex stocks, 23 ended in the green. Sun Pharma, ITC, NTPC and Reliance were the top Sensex gainers, rising up to 1.82 per cent. Nestle, UltraTech Cement, Wipro, Asian Paints and HUL were the top Sensex losers, falling up to 1.62 per cent.
Vinod Nair, Head of Research at Geojit Financial Services said, “Concerns about the global economy, which is struggling with high inflation and recession, were stoked by mixed job data from the US and a worsening energy situation in Europe. Strong employment in the US will give Fed the confidence to raise interest rates by another 50-75 bps in the forthcoming policy meetings. In anticipation of decrease in output, oil prices increased prior to the OPEC+ summit. Meanwhile, none of these has impacted the domestic market, which continues to hold an upbeat outlook, bolstered by strengthening local economic statistics and rising corporate demand.”
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Mid-cap and small-cap indices on BSE gained 117 points and 253 points, respectively. Banking, capital goods and metals were the top sectoral gainers with their BSE indices zooming 404 points, 352 pts and 381 pts, respectively.
Market breadth was positive with 2219 stocks ending higher against 1,347 stocks falling on BSE. 170 shares were unchanged.
Market cap of BSE-listed firms rose to Rs 279.82 lakh crore.
Foreign institutional investors remained net sellers in the capital markets as they offloaded shares worth Rs 8.79 crore on Friday, as per exchange data.
Previous Session
On Friday, Sensex rose 37 points or 0.06 per cent to settle at 58,803 and Nifty slipped 3 points or 0.02 per cent to close at 17,539. Of 30 Sensex stocks, 11 ended in the green. HDFC, ITC and L&T were the top Sensex gainers, rising up to 1.75 per cent. Maruti, Reliance Industries and IndusInd Bank were the top Sensex losers, falling up to 1.19 per cent. Mid-cap and small-cap indices on BSE fell 90 points and gained 11 points, respectively.
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Global markets
In early trading, the FTSE 100 in London lost 1.1 per cent to 7,198.73 and the DAX in Frankfurt tumbled 3.2 per cent to 12,628.44., The CAC 40 in France fell 2 per cent to 6,047.28.
In Asia, In Asia, the Shanghai Composite Index advanced 0.4 per cent to 3,199.91. The Nikkei 225 in Tokyo lost 0.1 per cent to 27,619.61 while the Hang Seng in Hong Kong tumbled 1.2 per cent to 19,225.70. The Kospi in Seoul lost 0.2 per cent to 2,403.68 while Sydney’s S&P-ASX 200 added 0.3 per cent to 6,852.20.