Stock Market Today: Sensex rallies over 700 factors in early commerce, Nifty surges above 15,900 stage mark aided by IT shares

Stock Market Today, Share Market Updates: The benchmark fairness indices on the BSE and National Stock Exchange (NSE) opened over 1 per cent larger on Monday led by features in IT shares

At 9:26 am, the S&P BSE Sensex was buying and selling 739.98 factors (1.40 per cent) larger at 53,467.96 whereas the Nifty 50 was at 15,917.70, up 218.45 factors (1.39 per cent).

On the Sensex pack, all of the shares had been buying and selling larger within the early commerce led by Tech Mahindra, HCL Technologies, Wipro, Infosys, Bajaj Finance and Larsen & Toubro (L&T).

“The jury is still out on whether this is a bear market or a corrective phase in a long-term bull market. After falling into bear market territory, the Nasdaq and S&P 500 have smartly bounced back and this is getting reflected in other markets too. The 3 per cent bounce back in S&P last Friday indicates that pullbacks can be sharp and the consequent short-covering can surprise on the upside. A significant development last week was the sharp 4.3 per cent cut in the Bloomberg commodity index. If this trend sustains, inflation expectations will come down, enabling central banks to go a bit slow on tightening, and achieving a soft landing for the US economy. The near-term fall in commodity prices is beneficial for commodity users like autos whose prospects are looking up,” mentioned V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global market

Stocks gained in Asia on Monday amid improved danger sentiment after Wall Street rebounded strongly on the finish of final week as oil costs eased, tempering fears of extended inflation and the accompanying aggressive Federal Reserve tightening. Treasury yields remained subdued and the greenback hovered close to the bottom in additional than per week as traders continued to evaluate the outlook for U.S. charge hikes, and the potential for a recession.

Japan’s Nikkei rallied 1.04 per cent, whereas Australia’s benchmark jumped 1.69 per cent. Chinese blue chips rose 0.54 per cent and Hong Kong’s Hang Seng superior 1.46 per cent. South Korea’s Kospi gained 1.65 per cent. MSCI’s broadest index of Asia-Pacific shares rose 1.31 per cent.

However, US inventory futures level to a 0.25 per cent decline when these markets reopen. On Friday, the S&P 500 surged greater than 3 per cent, including to an virtually 1 per cent achieve on Thursday.

-global market enter from Reuters