Stock Market Update: Sensex Flat at Open, Nifty Below 18,550; Coal India Down 4%
Stock Market Update: Sensex Flat at Open, Nifty Below 18,550; Coal India Down 4%
Sensex, Nifty 50 saw a flat start to Thursday's trade with a slight uptick after the bill to raise the debt ceiling was passed

Sensex Today: Sensex, Nifty 50 saw a flat start to Thursday’s trade with a slight uptick after the bill to raise the debt ceiling was passed by the House of Representatives in the US. The BSE Sensex gained 50 points to 62,678, and the NSE Nifty50 edgd 13 points up to 18,547. Positive macro data with a strong Q4 GDP growth of 6.1 per cent also aided the overall sentiment.

Tech M, HUL, TCS, asian Paints, HDFC and Wipro led gains on the Sensex, while Apollo Hospitals and Hindalco were the additional winners on the Nifty.

On the flip side, Coal India and Bharti Airtel dropped 4 per cent and 3 per cent, respectively, leading losses in the frontline stocks.

The broader markets held strength. The BSE MidCap and SmallCap indices rose up to 0.6 per cent.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “There are many positives going in favour of the ongoing rally. One, the US House of Representatives has passed the US debt ceiling bill indicating that the debt impasse will be resolved. Two, the FPI investment in India continues with big investments during the last 3 days pushing the total investment in May to an impressive Rs 43838 crores. Three, the Q4FY23 and full year FY23 GDP growth figures coming at 6.1% and 7.2% have impressively beaten the market expectations indicating that the FPI optimism is justified. The 4% decline in crude is another macro positive. These positives, particularly the GDP numbers, can impart resilience to the market. The only concern is the rising valuations which might nudge DIIs to sell thereby neutralising the FPI buying.”

Global Cues

Tokyo shares opened higher Thursday despite falls on the US market on fears of continued monetary tightening by the Federal Reserve.

US stocks closed down on Wednesday as a deal to raise the federal debt ceiling headed for a crucial vote in Congress, while unexpectedly strong labor market data rattled investors who fear the Federal Reserve might hike interest rates again in June.

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