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Stock Market Today 2022: Sensex rallies 418 points to settle at 60,260 aided by financial, IT stocks

Market Today - Share Market, Stock Market Today, August 17, 2022: The S&P BSE Sensex surged 417.92 points (0.70 per cent), thereby reclaiming the 60,000-mark and settling at 60,260.13. Likewise the Nifty 50 rallied 119.00 points (0.67 per cent) to end at 17,944.25.

Sensex | Nifty | Share Market | Stock Market | Market TodayMarket Today, Sensex Today, Nifty Today: The entrance of the Bombay Stock Exchange (BSE) in Mumbai. (Express photo By Ganesh Shirsekar)

Market Today, Sensex, Nifty: The frontline equity indices on the BSE and National Stock Exchange (NSE) continued its bullish momentum and ended around 0.7 per cent higher on Wednesday aided by financials, fast-moving consumer goods (FMCG) and information technology (IT) stocks.

The S&P BSE Sensex surged 417.92 points (0.70 per cent), thereby reclaiming the 60,000-mark and settling at 60,260.13. Likewise the Nifty 50 rallied 119.00 points (0.67 per cent) to end at 17,944.25.

Both the indices had opened with marginal gains and extended further as the session progressed. The BSE benchmark touched an intraday high of 60,323.25 and the Nifty barometer touched 17,965.95.

On the Sensex pack, the Bajaj twins – Bajaj Finserv and Bajaj Finance were the top gainers on Wednesday followed by Bharti Airtel, Tech Mahindra, HCL Technologies and NTPC. In contrast, Mahindra & Mahindra (M&M), UltraTech Cement, Maruti Suzuki India, Tata Steel, Kotak Mahindra Bank, Power Grid Corporation of India were the top laggards.

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Among the sectoral indices on NSE, the Nifty PSU Bank index surged 2.26 per cent, Nifty Media rallied 1.46 per cent, Nifty IT climbed 1.16 per cent and Nifty Consumer Durables inched 1.14 per cent.

In the broader market, the S&P BSE MidCap index ended at 25,182.00, up 161.08 points (0.64 per cent) while S&P BSE SmallCap settled at 28,343.00, up 148.63 points (0.53 per cent).

“Consistent participation by FIIs is the backbone of the current rally in the domestic market. This reversal in the FII trend is owed to the resilience showcased by the Indian economy even as inflation continues to plague the western markets. Declining commodity and oil prices also instilled confidence in foreign investors. Western markets were weak ahead of the release of the US FOMC meeting minutes,” said Vinod Nair, Head of Research at Geojit Financial Services.

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Global Markets (from Reuters)

World shares edged up on Wednesday taking comfort from strong US retail earnings even though the UK’s highest inflation since 1982 and a rate hike in New Zealand reminded investors of the challenges facing the global economy.

MSCI’s benchmark for global stocks was up 0.1 per cent by 0829 GMT, extending its July recovery, although concerns over high inflation and policy tightening kept a lid on gains.

European shares were barely changed after a positive open. The MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2 per cent, off earlier highs.

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Wall Street looked set for a weaker start after strong gains on Tuesday following stronger-than-expected results from Walmart and Home Depot which bolstered views on the health of consumers. S&P 500 futures were down 0.3 per cent.

First published on: 17-08-2022 at 09:36:30 am
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