Sensex Rises 150 pts At Open, Nifty Above 16,000; Key Points


Stock Market Today: Key benchmark indices began the day on a wobbly be aware amid unsupportive world cues on Thursday morning. At 09:16 IST, the Sensex was up 146.71 factors or 0.27 per cent at 53660.86, and the Nifty was up 48.50 factors or 0.30 per cent at 16015.20.

Top Gainers & Losers

Sun Pharma, Bharti Airtel, Titan, Nestle, L&T, HUL, Power Grid and Dr Reddy’s had been the highest winners on the Sensex. Apollo Hospitals, Tata Consumer and Britannia had been further gainers on the Nifty.

On the opposite hand, SBIAxis Bank, ITC, Tata Steel, JSW Steel had been among the many handful of index losers.

The broader markets additionally opened in inexperienced. The BSE MidCap and SmallCap indices had been as much as 0.11 per cent increased.

Nifty healthcare led positive factors amongst sectors, rising 1.2 per cent. FMCG and client durables had been different notable gainers, up 0.5 per cent every. While Nifty PSB fell probably the most, IT pack was additionally weak.

Among shares, Tata Metaliks tanked 6 per cent on reportina 99 per cent decline in its web earnings. Its margins dropped to three.5 per cent from over 25 per cent a 12 months in the past.

Sanofi India rose over 4 per cent. The firm will contemplate a particular dividend on July 26.

Investors will carefully monitor macro information – wholesale inflation figures for the month of June. That mentioned, company earnings for the June quarter of 2022 (Q1FY23) will proceed to find out investor sentiments. ACC, L&T Infotech, and Tata Elxsi will report Q1 numbers on Thursday, July 14.

Dr. VK Vijayakumar, chief funding strategist at Geojit Financial Services, mentioned: “Even though the keenly awaited US CPI inflation data for June came at 9.1 per cent against expectation of 8.8 per cent, US markets declined only moderately, by less than 1%. It is important to note that core inflation ( inflation minus food and energy ) in the US is declining and, therefore, CPI inflation too will decline, going forward, since crude prices have corrected sharply. The higher than expected US inflation means the Fed will continue its aggressive tightening in the near-term with another 75bp hike in July, perhaps even by 100bp. But the long-term bond yields in the US indicate a possible rate cut by March 2023. In brief, this 9.1 per cent inflation print is likely to be the peak inflation.”

“FIIs have used the July rally to press additional huge promoting ( Rs 2840 cr yesterday) after what appeared as promoting exhaustion in early July. This renewed FII promoting might strengthen the bears however DIIs and retail buyers are more likely to flip sturdy patrons at each dip since India’s financial fundamentals are sturdy and, extra importantly, valuations are enticing significantly in segments/ shares the place FIIs are promoting,” Vijaykumar mentioned.

Global Cues

Asian shares struggled on Thursday and the protected haven greenback was sturdy as white scorching US inflation information drove concern the Federal Reserve will increase rates of interest much more aggressively to gradual worth will increase, doubtlessly sending the financial system into recession.

Tokyo shares opened decrease on Thursday following reasonable losses on Wall Street even after contemporary information indicated inflation within the United States remained at a excessive degree. The benchmark Nikkei 225 index fell 0.58 per cent, or 152.95 factors, at 26,325.82 in early commerce, whereas the broader Topix index misplaced 0.69 per cent, or 13.11 factors, to 1,875.74.

Wall Street shares declined Wednesday after the most recent report displaying surging inflation added to recession fears, intensifying debate on subsequent steps by the Federal Reserve to tame costs. US inflation surged to a contemporary peak of 9.1 per cent in June, pushed partly by vital will increase in gasoline costs.

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