Consumer Durables News

Sensex raises 712 points, Nifty settles above 17,100 mark

Today’s Market Today(29 July, 2022): The benchmark equity indices on the BSE and National Stock Exchange (NSE) continued their winning momentum for the third straight day and ended over 1.2 per cent on Friday, led by Reliance Industries, IT stocks.

The S&P BSE Sensex ended at 57,570.25, up 712.46 points (1.25 per cent), while the Nifty 50 rallied 228.65 points (1.35 per cent) to settle at 17,158.25.

On the Sensex pack, Tata Steel, Sun Pharmaceutical Industries, Bajaj Finserv, Induslnd Bank, Asian Paints, Infosys, Reliance Industries, Bajaj Finance, Wipro, Housing Development Finance Corporation Limited (HDFC), NTPC, Nestle India, and Bharti Airtel were the top gainers.

In contrast, Dr Reddy’s Laboratories, Kotak Mahindra Bank, State Bank of India, ITC and Axis Bank were the only losers.

Among the sectoral indices on NSE, Nifty Metal surged 3.86 per cent, Nifty Oil & Gas rose 2.18 per cent, Nifty Consumer Durables rallied 1.75 per cent, Nifty IT climbed 1.71 per cent and Nifty Media inched up 1.42 per cent.

In the broader market, the S&P BSE MidCap index ended at 24,050.90, up 239.42 points (1.01 per cent), while the S&P BSE SmallCap settled at 27,056.38, up 367.07 points (1.38 per cent). On NSE, the volatility index or India VIX declined 2.71 per cent to 16.55.

Commenting on Bank Nifty, Kunal Shah, Senior Technical Analyst at LKP Securities said, “The week ended on a high note with the bulls in bank nifty having complete control and thrashing the bears left right and center. The Index remains in a buy-on-dip mode with immediate support at the 36800 level. The upside resistance stands at 38,000 where the highest open interest is built up on the call side and once breached will see a further rally towards the 38,500-39,000 zone.”

“Wall Street staged a robust recovery after a shaky opening due to a contraction in the US economy, as the market perceived that aggressive monetary policy will soon come to an end. This added optimism in the domestic market, and the rupee strengthened against the dollar increasing appetite for FIIs,” Vinod Nair, Head of Research at Geojit Financial Services

Global market (from AP)

European shares advanced Friday after a mixed session in Asia, where Chinese markets retreated after the country’s leaders acknowledged the slowing economy won’t hit its official 5.5 per cent growth target this year.

Germany’s DAX added 0.6 per cent to 13,366.52, while France’s CAC 40 rose 1.3 per cent in early trading to 6,423.56. Britain’s FTSE 100 gained 0.6 per cent to 7,390.79. The future for the Dow industrials was up 0.2 per cent while that for the S&P 500 rose 0.7 per cent.

Hong Kong’s Hang Seng index dropped 2.4 per cent to 20,156.51 and the Shanghai Composite index declined 0.9 per cent to 3,253.24 after China’s leaders said after a planning meeting that the country would stick with a zero COVID policy that has disrupted manufacturing and other business activity. That underscores the high cost Xi’s government is willing to incur to stop the virus in a politically sensitive year when he is widely expected to try to extend his term in power.

Japan’s benchmark Nikkei 225 inched down less than 0.1 per cent to finish at 27,801.64, while Australia’s S&P/ASX 200 gained 0.8 per cent to 6,945.20. South Korea’s Kospi added 0.7 per cent to 2,451.50.

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