Stock Market Today (29 July): Sensex rises 712 factors, Nifty settles above 17,150-mark
Today’s Market Today(29 July, 2022): The benchmark fairness indices on the BSE and National Stock Exchange (NSE) continued their profitable momentum for the third straight day and ended over 1.2 per cent on Friday, led by Reliance Industries, IT shares.
The S&P BSE Sensex ended at 57,570.25, up 712.46 factors (1.25 per cent), whereas the Nifty 50 rallied 228.65 factors (1.35 per cent) to settle at 17,158.25.
On the Sensex pack, Tata Steel, Sun Pharmaceutical Industries, Bajaj Finserv, Induslnd Bank, Asian Paints, Infosys, Reliance Industries, Bajaj Finance, Wipro, Housing Development Finance Corporation Limited (HDFC), NTPC, Nestle India, and Bharti Airtel had been the highest gainers.
In distinction, Dr Reddy’s Laboratories, Kotak Mahindra Bank, State Bank of India, ITC and Axis Bank had been the one losers.
Among the sectoral indices on NSE, Nifty Metal surged 3.86 per cent, Nifty Oil & Gas rose 2.18 per cent, Nifty Consumer Durables rallied 1.75 per cent, Nifty IT climbed 1.71 per cent and Nifty Media inched up 1.42 per cent.
In the broader market, the S&P BSE MidCap index ended at 24,050.90, up 239.42 factors (1.01 per cent), whereas the S&P BSE SmallCap settled at 27,056.38, up 367.07 factors (1.38 per cent). On NSE, the volatility index or India VIX declined 2.71 per cent to 16.55.
Commenting on Bank Nifty, Kunal Shah, Senior Technical Analyst at LKP Securities stated, “The week ended on a high note with the bulls in bank nifty having complete control and thrashing the bears left right and center. The Index remains in a buy-on-dip mode with immediate support at the 36800 level. The upside resistance stands at 38,000 where the highest open interest is built up on the call side and once breached will see a further rally towards the 38,500-39,000 zone.”
“Wall Street staged a robust recovery after a shaky opening due to a contraction in the US economy, as the market perceived that aggressive monetary policy will soon come to an end. This added optimism in the domestic market, and the rupee strengthened against the dollar increasing appetite for FIIs,” Vinod Nair, Head of Research at Geojit Financial Services
Global market (from AP)
European shares superior Friday after a blended session in Asia, the place Chinese markets retreated after the nation’s leaders acknowledged the slowing financial system gained’t hit its official 5.5 per cent progress goal this yr.
Germany’s DAX added 0.6 per cent to 13,366.52, whereas France’s CAC 40 rose 1.3 per cent in early buying and selling to six,423.56. Britain’s FTSE 100 gained 0.6 per cent to 7,390.79. The future for the Dow industrials was up 0.2 per cent whereas that for the S&P 500 rose 0.7 per cent.
Hong Kong’s Hang Seng index dropped 2.4 per cent to twenty,156.51 and the Shanghai Composite index declined 0.9 per cent to three,253.24 after China’s leaders stated after a planning assembly that the nation would keep on with a zero COVID coverage that has disrupted manufacturing and different enterprise exercise. That underscores the excessive value Xi’s authorities is prepared to incur to cease the virus in a politically delicate yr when he’s broadly anticipated to attempt to prolong his time period in energy.
Japan’s benchmark Nikkei 225 inched down lower than 0.1 per cent to complete at 27,801.64, whereas Australia’s S&P/ASX 200 gained 0.8 per cent to six,945.20. South Korea’s Kospi added 0.7 per cent to 2,451.50.
