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Nifty ends above 15,800, Sensex gains 433 pts

by Ayush Bansal
June 27, 2022
in Business, Markets, News
Reading Time: 2 mins read
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Crypto Market's revival

Picture Credits: iStock

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Nifty ends above 15,800, Sensex gains 433 pts
Image: The Financial Express

The benchmark equity indices on the BSE and National Stock Exchange (NSE) continued their upward momentum for the third straight session ending nearly 1 percent higher on Monday led by gains in information technology (IT) and metal stocks.

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The S&P BSE Sensex rose 433.30 points (0.82 per cent) to end at 53,161.28 while the Nifty 50 settled at 15,832.05, up 132.80 points (0.85 per cent).

Both the indices had opened over 1 percent higher and traded in the positive territory throughout the day with the BSE benchmark hitting an intraday high of 53,509.50 and the broader Nifty touching 15,927.45.

On the Sensex pack, Larsen & Toubro (L&T), HCL Technologies, Tech Mahindra, IndusInd Bank, Infosys, Asian Paints, Bharti Airtel, Tata Steel, and Ultratech Cement were the top gainers on Monday. On the other hand, Kotak Mahindra Bank, Reliance Industries (RIL), and Titan Company ended marginally lower.

In the broader market, the S&P BSE MidCap index ended at 21,991.81, up 188.65 points (0.87 per cent) while the S&P BSE SmallCap settled at 24,905.94, up 384.01 points (1.57 per cent). On NSE, the volatility index or India VIX rose 2.21 percent to 21.01.

“Declining commodity prices have been lifting the exhausted domestic equity market during the recent sessions. Despite this positivity, the underlying fear of recession, tightening monetary policy and inflation can trigger the volatility going forward.

A strong revival in the market can only be expected when the economy stabilizes from these uncertainties and when FIIs turn net buyers,” said Vinod Nair, Head of Research at Geojit Financial Services.

Zomato shares

Shares of food aggregator Zomato tumbled sharply on Monday after the company’s Board of Directors approved a proposal to acquire a cash-strapped quick commerce company Blinkit for ₹4,447 crores. The proposed acquisition will be an all-stock deal.

Last year, Zomato extended $50 million loans to Grofers India Private Limited, which has now been renamed Blink Commerce.

FII selling 

Interestingly, this rise comes even as foreign institutional investors (FIIs) remain net sellers.

The Sensex and the Nifty hit a record high of 61,765 and 18,477, respectively, on October 18, 2021. Since then, both have lost 15 percent each, mainly on FII selling.

Foreign investors have been selling continuously since October 2021 and have sold nearly $32 billion in equities so far.

In the same period, domestic institutional investors (DIIs) have bought shares worth Rs 2.93 lakh crore. Year-to-date, the FII outflow has been $27.93 billion while the DII inflow has been at Rs 2.23 lakh crore.

Global Market

Meanwhile, Asian markets advanced up to 3 percent in the morning trade, tracking a similarly sharp rise in US stocks in Friday’s trade. S&P500 September futures were trading 0.2 percent higher at 3,924.

Concerns that economic slowdown in developed markets may hit oil demand sent Brent crude futures down $1.42, or 1.3 percent, to $111.70 a barrel earlier today. US WTI crude was at $106.08 a barrel, down $1.54, or 1.4 percent, following a 3.2 percent gain in the previous session.

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