• Stock Market Updates: Sensex climbs 443 points; Nifty ends above 15,550

    Business

    Nifty Auto was the top-performing sector on the NSE on Thursday, rising 4.39 percent. 


    Digital Desk: Despite weakness in the global market, the benchmark equity indices on the BSE and National Stock Exchange (NSE) increased by almost 1% on Thursday, driven by gains in stocks related to cars, information technology (IT), and pharmaceuticals.


    The Nifty 50 climbed 143.35 points (0.93%) to close at 15,556.65, while the S&P BSE Sensex increased 443.19 points (0.86%) to close at 52,265.72.


    The main drivers of the Sensex pack on Thursday were the automakers Maruti Suzuki India and Mahindra & Mahindra (M&M), followed by Asian Paints, Bharti Airtel, Tata Consultancy Services (TCS), Wipro, Sun Pharmaceutical Industries, Hindustan Unilever (HUL), and ICICI Bank. Reliance Industries (RIL), Power Grid Corporation of India, and NTPC, on the other hand, had ended negative.


    Nifty Auto was the top-performing sector on the NSE on Thursday, rising 4.39 percent. Aside from that, the Nifty IT index increased by 1.96 %, the Nifty Realty index up by 1.66 %, and the Nifty Pharma index increased by 1.58 %.


    The S&P BSE SmallCap index closed at 24,136.33, up 281.71 points, while the S&P BSE MidCap index finished at 21,474.82, up 296.76 points. The India VIX, or volatility index, decreased 1.97 percent to 20.88 on the NSE.


    "Despite worries about rising rates and a global recession, Nifty recovered from the early afternoon selloff on June 23 and closed higher. On the NSE, volumes were consistent with the most recent average. Oil & Gas was the sector with the highest losses, while the indexes for the auto, real estate, capital goods, telecom, information technology, and healthcare all saw gains. The advance decrease ratio increased significantly to much above 1:1. Small and Midcap indices increased somewhat more than the Nifty," said Deepak Jasani, Head of Retail Research at HDFC Securities.


    "Nifty currently appears to have hit a higher high above 15,707 after making a higher low at 15,385. However, bullish wagers can be cancelled if the price breaks below 15,385," he added. 


    Investors were worried that higher interest rates would tip economies into recession if they continued to raise rates to quell decades-high inflation.


    According to the most recent Purchasing Managers' Index, the German economy, Europe's largest economy, experienced a dramatic loss of momentum at the end of the second quarter, while corresponding data for France also experienced decreased activity.


    The 600 European company STOXX share index reached a new low for the year, which dropped 1.3%.


    The MSCI all-country share index fell 0.35 percent, continuing its year-to-date decline of more than 20 percent. S&P500 futures and Nasdaq futures both declined by roughly 0.4%.


    Asia's stocks were uneven, with Japan's Nikkei index unchanged, China's blue chips up 1.7%, and South Korea's blue chips down 1.2%.


    ccc

    Weather Forecast