Stock Market Today: Sensex rises 443 points, Nifty settles above 15,550 level mark driven by auto stocks
Posted On June 23, 2022
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Stock Market Today, Share Market Updates: The benchmark equity indices on the BSE and National Stock Exchange (NSE) gained nearly 1 per cent on Thursday led by gains in automobiles, information technology (IT) and pharmaceutical stocks despite weakness in the global market.
The S&P BSE Sensex ended at 52,265.72, up 443.19 points (0.86 per cent) while the Nifty 50 surged 143.35 points (0.93 per cent) to settle at 15,556.65.
On the Sensex pack, automakers Maruti Suzuki India and Mahindra & Mahindra (M&M) were the top drivers on Thursday followed by Asian Paints, Bharti Airtel, Tata Consultancy Services (TCS), Wipro, Sun Pharmaceutical Industries, Hindustan Unilever (HUL) and ICICI Bank. In contrast, Reliance Industries (RIL), Power Grid Corporation of India and NTPC ended lower.
Among sectors on the NSE, Nifty Auto was the top gainer on Thursday surging 4.39 per cent. This apart, Nifty IT index rose 1.96 per cent, Nifty Realty climbed 1.66 per cent and Nifty Pharma inched 1.58 per cent.
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In the broader market, the S&P BSE MidCap index rose 296.76 points (1.40 per cent) to settle at 21,474.82 while the S&P BSE SmallCap ended at 24,136.33, up 281.71 points (1.18 per cent). On NSE, the volatility index or India VIX fell 1.97 per cent to 20.88.
“Nifty recovered from the early afternoon selloff on June 23 and closed higher despite fears of rising rates and recession across the globe. Volumes on the NSE were in line with the recent average. Among sectors, Oil & Gas was the main loser while Auto, Realty, Capital Goods, Telecom, IT and Healthcare indices rose the most. Advance decline ratio jumped up to much above 1:1. Small and Midcap indices rose a little more than the Nifty,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Nifty seems to have made a higher bottom at 15,385 and is now slated to make a higher high above 15,707. A downward breach of 15,385 could lead to all bullish bets being taken off the table, he added.
Global markets fell on Thursday as investors worried that further rises in interest rates to quell decades-high inflation would tip economies into recession. The German economy, Europe’s largest, suffered a sharp loss of momentum at the end of the second quarter, according to the latest Purchasing Managers’ Index, while corresponding figures for France also showed weaker activity.
The STOXX share index of 600 European companies fell 1.3 per cent to a new low for the year.
The MSCI all-country share index was down 0.35 per cent, adding to its slide of more than 20 per cent for the year. Both Nasdaq futures and S&P500 futures eased about 0.4 per cent.
Stocks in Asia were mixed, with South Korea down 1.2 per cent while China’s blue chips rose 1.7 per cent, and Japan’s Nikkei was flat.
-global market input from Reuters