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Sensex, Stock Market Today: Sensex surges 465 points, Nifty settles above 17,500-mark

Share Market, Stock Market Today, August 8, 2022: The S&P BSE Sensex surged 465.14 points (0.80 per cent) to end at 58,853.07, while the Nifty 50 settled at 17,525.10, up 127.60 points (0.73 per cent).

Sensex | Nifty | Share Market | Stock Market TodaySensex, Nifty, Share Market, Stock Market Today: Staffs working at a Kolkata-based stock broking firm. (Express photo by Partha Paul)

Stock Market Today: The benchmark equity indices on the BSE and National Stock Exchange (NSE) rose for the second consecutive session to settle over 0.7 per cent on Monday.

The S&P BSE Sensex surged 465.14 points (0.80 per cent) to end at 58,853.07, while the Nifty 50 settled at 17,525.10, up 127.60 points (0.73 per cent). Both the indices had opened on a choppy note but traded positive as the trade progressed.

On the Sensex pack, Mahindra & Mahindra (M&M), Bajaj Finserv, HDFC Bank, Axis Bank, Larsen & Toubro (L&T), NTPC, Housing Development Finance Corporation (HDFC), Dr. Reddy’s Laboratories, IndusInd Bank and Reliance Industries (RIL) were the top gainers on Monday. In contrast, State Bank of India (SBI), UltraTech Cement, Nestle India, Wipro, Power Grid Corporation of India and Asian Paints were the top losers.

Among sectoral indices on NSE, the Nifty Metal index climbed 1.29 per cent while the Nifty Private Bank rose 1.23 per cent. The Nifty Auto index gained 0.97 per cent and Nifty Financial Services inched 0.93 per cent.

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In the broader market, the S&P BSE MidCap index ended at 24,555.98, up 76.93 points (0.31 per cent) and the S&P BSE SmallCap settled at 27,682.44, up 77.36 points (0.28 per cent). On NSE, the volatility index or India VIX rose 2.04 per cent to 19.30.

“Sustained FII buying and falling oil prices are the major drivers for the ongoing market rally. Heavyweights played a significant role in today’s rise, while PSU banks remained under pressure following weak results of the PSB major. Western markets continued to gain after strong US job numbers allayed worries of a recession. The week ahead is busy in terms of economic data with the domestic investors gearing up for the release of the inflation numbers along with the manufacturing production data to gauge the strength of the economy,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global Markets (from Reuters)

Shares gained ground on Monday, recovering their footing after a strong US jobs report last week bolstered the case for more super-sized interest rate hikes, while the dollar weakened and government bond yields fell.

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Markets quickly moved to price a chance of about 70 per cent that the US Federal Reserve would raise rates by 75 basis points in September, sending two-year yields up 20 basis points on Friday and further inverting the curve.

But the broad Euro STOXX 600 gained as much as 0.8 per cent in early trade, led by cyclical and growth stocks, helping recover losses from Friday sparked by the US jobs report. Miners and technology, hit hard in the previous week, led early gains. The MSCI world equity index, which tracks shares in 47 countries, added 0.2 per cent, recovering losses of the same amount seen on Friday.

S&P 500 futures and Nasdaq futures were up 0.3 per cent and 0.4 per cent, respectively. The S&P 500 had ended lower on Friday, weighed down by tech stocks.

First published on: 08-08-2022 at 09:40:12 am
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