Markets open strong, Nifty surpasses 19,800 mark and Sensex gains 300 points
Business | October 17, 2023 9:37 ISTSensex, the benchmark index of the Bombay Stock Exchange (BSE), joined the upward trajectory, gaining 300 points in early trade.
Sensex, the benchmark index of the Bombay Stock Exchange (BSE), joined the upward trajectory, gaining 300 points in early trade.
The Ministry of Science's approval aims to create a stronger and larger entity by combining the two firms' expertise, resources, and client bases.
The market seemed to reflect a cautious yet balanced approach from investors on the first trading day of the week.
Leading Asian indices experienced notable gains, with Japan and South Korea posting increases of at least 0.8%. These positive moves have set MSCI's Asian equity index on a path toward its sixth consecutive day of gains.
Financial services firm CLSA has released its top stock picks following the upgrade, expressing high confidence in companies such as Reliance Industries, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, Bajaj Finance, L&T, Axis Bank, ONGC, and Tata Motors.
Nifty Smallcap 250 led with a 0.82% gain, followed by Nifty Microcap 250, surging 1.06%. Notable performances included Nifty Smallcap 100 (0.79%), Nifty Midsmallcap 400 (0.74%), Nifty Midcap 100 (0.71%), and Nifty Smallcap 50 (0.65%).
The prospects of the paper industry are closely tied to various economic indicators. According to the International Project Management Association (IPMA), paper consumption in India is projected to reach 30 million tons by 2027.
Vodafone Idea Ltd, Infibeam Avenues Ltd, YES Bank Ltd, Punjab National Bank, Indian Overseas Bank, Ujjivan Small Finance Bank Ltd, Bank of Maharashtra, and Rail Vikas Nigam Ltd were among the top companies that lost points in early trade.
Asian shares experienced a rebound from their 11-month lows on Thursday, benefitting from a decline in oil prices and softer-than-expected US labor data. These factors contributed to improved market sentiment across the region.
The BSE Sensex recorded a substantial decline of over 450 points, while the NSE Nifty dipped below the 19,400 mark.
The conglomerate led by mining magnate Anil Agarwal unveiled a substantial business restructuring plan on Friday. As part of this strategic move, Vedanta's flagship company has given the green light to spin off its metals, power, aluminum, and oil and gas businesses into separate listed entities.
At the opening bell, the Sensex stood at 65,511, while the broader Nifty index was at 19,537. This downward trend in the stock market reflects cautious sentiment among investors.
The Nifty 50 concluded the day at 19,728.25, gaining 63.55 points or 0.32 per cent, while the BSE Sensex, a 30-share benchmark, surged by 173 points or 0.26 per cent to close at 66,118.69.
Market breadth showcased a balanced picture with 1,791 stocks advancing, 1,756 stocks declining, and 122 stocks remaining unchanged.
The BSE Sensex managed to secure a modest gain of 15 points, closing at 66,024, while the Nifty 50 remained nearly unchanged, concluding at 19,675 points.
After oscillating nearly 500 points between gains and losses during the day, the 30-share BSE Sensex declined 221.09 points or 0.33 per cent to settle at 66,009.15.
The losses came amid a backdrop of mixed global cues, with investors keeping a close eye on the upcoming US Federal Reserve policy outcome.
Sensex Nifty today: Indian stock indices extended losses from the previous session and edged sharply lower today, tracking weak overnight US markets coupled with rising global crude oil prices amid the strengthening of the US dollar.
The 30-share BSE Sensex registered a decline of 241.79 points or 0.36%, settling at 67,596.84 after a day of volatile trading.
The 30-share BSE Sensex regained the 67,000 level. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. During the day, it rallied 573.22 points or 0.86 per cent to 67,172.13.
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