Opening bell: Nifty surpasses 16,150, Sensex rises by about 400 points, while IT and metal stocks soar
On Monday, the domestic benchmarks opened strongly, taking signals from the Asian markets.
The major equity indices posted decent increases early on, inspired by global indications. On the NSE, every sectoral index was positive. After HDFC Bank's quarterly net profit fell short of Street expectations, investors watched corporate earnings from Indian companies for clues. The IT and metals sectors outperformed, and the media and financial sectors also helped to increase profits.
When trading began, the Nifty was above 16,150. The S&P BSE Sensex, the barometer index, was up 372 points, or 0.69%, to 54,133.41 at 09:27 IST. The Nifty 50 index increased 16,165.90 points or 0.73%. The S&P BSE Mid-Cap index increased 0.74% while the S&P BSE Small-Cap index increased 0.93% in the overall market. Top Nifty bulls included Infosys, which increased by almost 3%, Hindalco, and Tech Mahindra, each of which increased by more than 2%. Other titans like Sun Pharma, Wipro, Tata Steel, Tata Motors, TCS, and Titan also increased by more than 1%.
Market breadth was strong as 2,050 shares on the BSE increased while 544 shares decreased and 141 shares in total remained unchanged. On July 15, according to preliminary data, foreign portfolio investors (FPIs) sold shares worth Rs 1,649.36 crore, while domestic institutional investors (DIIs) were net purchasers of Rs 1,059.46 crore.
HeidelbergCement India, Nelco, Bank of Maharashtra, Bhansali Engineering Polymers, Alok Industries, Ganesh Housing Corporation, Onward Technologies, Sudal Industries, and Tanfac Industries will be the companies under scrutiny today ahead of its June 2022 quarter results.
As investors anticipated announcements later in the week, Asian markets all rose on Monday. Globally, US stock markets had their best day in more than two weeks as the Dow Jones closed up more than 650 points and the Nasdaq gained more than 200 points. Due to encouraging earnings, positive economic statistics, and reduced concerns about a larger-than-expected interest rate hike by the Federal Reserve, US markets closed significantly higher on Friday.
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