• Sensex, Nifty rise in early trade amid weak global indications

    Business
    Sensex, Nifty rise in early trade amid weak global indications
    The two indices reached their lowest levels in five months at the close.

    Digital Desk: Despite weak global cues, the equity benchmark indexes Sensex and Nifty rose in early trade on Tuesday.

    The 30-share BSE Sensex increased 205.55 points or 0.35 percent to 58,443.40 points during tumultuous trading, while the wider NSE Nifty increased 44 points or 0.26 percent to 17,198.30 points.

    Twenty stocks were trading up while ten were down in the Sensex pack. Among the top gainers were L&T, Bharti Airtel, and Titan.

    On Tuesday, most Asian markets were trading lower as investors struggled with the effects of US bank collapses. The failure of Silicon Valley Bank and Signature Bank has raised worries about a financial contagion as central banks raise interest rates to rein in inflation.

     In a pre-market report, Deepak Jasani, Head of Retail Research at HDFC Securities, predicted that despite broadly negative Asian markets today and generally weaker American markets on Monday, Indian markets could begin flat to slightly up.

    Both the Sensex and the Nifty have fallen for three straight trading sessions. On Monday, the Sensex fell 897.28 points, or 1.52%, to close at 58,237.85 points. To finish at 17,154.30 points, Nifty plunged 258.60 points, or 1.49 percent.

    The two indices reached their lowest levels in five months at the close.

    Jasani claims that after the failure of Silicon Valley Bank in California and Signature Bank in New York, which put regional bank shares under a lot of pressure, investors reevaluated the forecast for interest rates.

     Most US stocks as well as the European market ended Monday with losses.

    According to exchange data, foreign institutional investors (FIIs) were net sellers on Monday, selling domestic equities worth Rs 1,546.86 crore.