Opening Movers: Domestic markets start the week marginally higher
Metal stocks take the lead position on Monday.
In the previous trading session, Sensex rose 36.74 points to end at 58,803.33, whereas its broader peer, Nifty50, ended at 17,539.45, down 3.35 points. US stocks ended the previous trading week on a down note whereas, on Monday, Tokyo stocks opened lower continuing falls on Wall Street due to cautiousness after Russia expressed it would keep a key gas pipeline to Germany offline.
On Monday, the equity markets started the week with slight gains owing to mixed global sentiments. BSE Sensex gained 200 points higher starting at 59,000 level, whereas Nifty50 zoomed 55 points to 17,594 level. Among the Sensex pack, NTPC, Tata Steel, HCL Tech, Tech Mahindra, IndusInd Bank and ICICI Bank emerged as top gainers, while the stocks which opened lower comprised Nestle, Dr Reddy's Laboratories and Wipro, slipping up to 0.4%.
The broader markets also traded higher with the BSE Midcap and SmallCap indices surging up to 0.7 %. Yes Bank, M&M Finance, and Vodafone Idea were the top midcap gainers whereas Suzlon Energy, Fermenta Biotech, and Dish TV India were the top small-cap gainers. On the sectoral front, the indices were trading flat with the BSE Metal Index in the lead rising 1.3%. Hindalco Industries, APL Apollo Tubes, and JSW Steel were the top metal stocks pulling up the index.
The shares of JSW Steel rose to 1.6% on the news that LIC has advanced its stake in the company to 7% from 5% with an investment of about Rs 3,200 crore on the back of long-term prospects of the steel sector which appear favourable compared to the global peers. In a firm market, the shares of NDTV locked in an upper circuit at the start of the trading session as Adani Group indicated regarding the tentative open offer for a 26% stake that would open on October 27, 2022, is subject to SEBI approval.
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