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Sensex rises 100 points, Nifty nears 15,800

by Ayush Bansal
July 4, 2022
in Business, Markets, News
Reading Time: 2 mins read
0
Stocks

Image: Moneycontrol

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Sensex rises 100 points, Nifty nears 15,800
Image: India Today

The BSE benchmark Sensex climbed 326.84 points on Monday, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever.

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The S&P BSE Sensex rose 326.84 points (0.62 percent) to end at 53,234.77 and the Nifty 50 inched 83.30 points (0.53 percent) higher to settle at 15,835.35. Earlier in the day, both the indices had opened on a choppy note and traded in a narrow range through the bulk of the session but towards the last hour of trade,, they extended their gains and ended higher.

On the Sensex pack, Hindustan Unilever (HUL), IndusInd Bank, ITC, ICICI Bank, and Power Grid Corporation of India were the top gainers on Monday. In contrast, Tata Consultancy Services (TCS), Tata Steel, Mahindra & Mahindra (M&M), Dr. Reddy’s Laboratories, Tech Mahindra, and Wipro were the laggards.

“Bulls rebounded sharply in the late session after firm European market sentiment coupled with fall in crude oil prices… cheered investors.

Despite the recovery, bearish-to-volatile sentiment will continue to prevail as FII outflows have remained buoyant, which is creating nervousness amongst the investors,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

HDFC and HDFC Bank merger

The proposal of merger of HDFC with its banking subsidiary HDFC Bank, the biggest transaction in India’s corporate history, has got approval from stock exchanges.Both HDFC and HDFC Bank have got no-objection from both stock exchanges.

HDFC Bank has received observation letter with ‘no adverse observations’ from BSE Limited and observation letter with ‘no objection’ from the National Stock Exchange of India Limited, both dated July 2, 2022, HDFC Bank said in a filing.

Global market

Elsewhere in Asia, markets in Tokyo and Shanghai ended in the green, while Seoul and Hong Kong settled lower.

European bourses were trading in the positive zone in mid-session deals. The US markets were closed for a holiday.

“As we step towards the new earnings season, the prime focus of the market will turn towards quarterly numbers and updated guidance for the new financial year,” said Vinod Nair, Head of Research at Geojit Financial Services.

Meanwhile, international oil benchmark Brent crude dipped 0.50 per cent to USD 111 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,324.74 crore on Friday, as per exchange data.

Oil prices

Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.

Brent crude futures for September rose 55 cents, or 0.5%, to $112.18 a barrel, after falling over $1 in early trade. U.S. West Texas Intermediate (WTI) crude futures for August delivery gained 44 cents, or 0.4%, to $108.87 a barrel, after also falling $1 earlier.

 

 

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