Banking, IT shares push Sensex & Nifty upwards
Banking, IT shares push Sensex & Nifty upwards

Banking, IT shares push Sensex & Nifty upwards
STOCK MARKET ROUNDUP (18-07-22) @ Techstory

Benchmark indexes of the Indian stock market S&P BSE Sensex and Nifty 50 on Monday surged upwards as banking, and IT stocks gained considerably well during the first day of the trading week.

Positive market sentiments in the global scenario coupled with strong Asian and European markets helped the National stock exchange and Bombay stock exchange to close their markets in green.

Sensex

Benchmark index of Bombay stock exchange and S&P BSE Sensex increased its value by 760.37 points to close the market at 54,521.15 points. This was an increase in the market by 1.41 %.

Indus Ind bank ( 4.36%), Infosys (4.16%) Tech Mahindra (3.54%)  Bajaj Finserv (3.44%), Axis Bank (3.31 % ) and Kotak Bank (3.25% )were the top gainers in S&P BSE Sensex.

Top losers on Monday in S&P BSE Sensex were Dr Reddy laboratory (-1.70 %) HDFC Bank (-1.19 %) Mahindra and Mahindra (-0.86 %), Maruti (-0.84 %) and Nestlé India negative (-0.71 %)

23 stocks in the index advanced, while 7 stocks ended their trading in red.

Banking stocks were one of the most significant driving forces on Monday as S&P Private Bank Index increased by 223.02 points to close their trading at 13,168.98 points. 11 out of 12 stocks in the index advanced, while only HDFC Bank (-1.1 %) declined

Tanla Platforms limited (6.48%), Larson and Toubro Infotech limited ( 6.1 %) Mind tree  ( 4.82 %) Infosys (4.16 %) Tata Teleservices Maharashtra Limited  (3.69 %) were the top gainers in S&P Tech index.

S&P BSE 100, which is an index designed to analyse the performance of 100 largest and most liquid Indian companies also performed positively on Monday as the index gained 232.15 points to close the market at 16653.33. This was an increase of 1.41%.

In an overall analysis of the Bombay Stock Exchange, top gainers were Vardhaman textiles limited (+15.05%) Ap tech limited (+11.55%) and West coast paper Mills limited (+9.30%).

Nifty

The benchmark index of National stock exchange Nifty 50 performed well today along with Sensex as the index saw an increase of 229.30 points (1.43 %) to close the market on Monday at, 16278.50.

41 stocks in the 50 stock index increased their share value, while 9 stocks ended their day in red.

Top gainers in Nifty 50 were Hindalco, Indus Ind bank, Infosys, Tech Mahindra, Bajaj Finserv, and Axis Bank.

Similarly to Sensex, Nifty 50 was driven today mainly by technology and banking stocks such as Indus Ind Bank, Infosys, Tech Mahindra, Axis Bank, Kotak Bank ,Wipro, ICICI Bank, TCS, SBI and HCL tech.

Top losers in Nifty were Dr Reddy’s, Britannia, HDFC Bank and Mahindra & Mahindra.

Traders ended their normal market day on a happy note as both the indexes increased their value by more than 1 % and Nifty 50 crossed 16000 mark.

International Markets, Rupee & Oil

Positive growth in global markets such as FTSE 100, DAX, Nikkei, S&P 500 helped Indian stock market perform considerably well.

Even as Indian exchanges performed well on Monday, Indian rupee didn’t perform well. Rupee touched 80/US dollar mark for the first time in the history.

Crude oil prices also increased on Monday, as Brent Crude futures for the month of September increased by 2.4% to 103.64 per barrel. Fears of recession, poor performance of  local currency and possibilities of COVID-19 related lockdown in China impacted crude oil prices on Monday.

Price of gold also increased slightly as investors are expecting an interest rate hike by the Federal Reserve of the United States by at least 100 bases points in its upcoming meeting. Spot gold increase its value by 0.7% to 1719.49 dollars per ounce.