Stock Market Updates: Sensex Up 300 Points, Nifty Above 23,700; ONGC Rises 3% – News18
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Indian benchmark equity indices, the BSE Sensex and Nifty50, opened higher on Tuesday
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Indian benchmark equity indices, the BSE Sensex and Nifty50, opened higher on Tuesday, buoyed by overnight gains in the S&P 500 and Nasdaq, as investors awaited the release of advanced FY25 GDP estimates later in the day.
At 12 PM, the BSE Sensex was higher by 288 points, or 0.37 per cent, at 78,253, while the Nifty50 was at 23,730.45, ahead by 122 points, or 0.52 per cent.
Following the market open, on the 30-stock BSE Sensex, only three stocks were trading lower, including Zomato (down 3.94%), Mahindra & Mahindra, and Tata Motors. On the other hand, the top gainers were Titan (up 1.90%), followed by Nestle India, Power Grid Corp., Tata Steel, and IndusInd Bank.
On the Nifty50, five stocks were in the red, including Apollo Hospitals Enterprises (down 0.82%), followed by Mahindra & Mahindra, Tata Motors, Bajaj Auto, and Hero MotoCo. Leading the gains were ONGC (up 3.11%), followed by Tata Consumer Products, Titan, Shriram Finance, and BPCL.
Across sectoral indices, all but the Media index (down 0.58%) were trading higher. Oil & Gas and Consumer Durables led the pack, rising 1.47% and 1.16%, respectively. Other notable gainers included the PSU Bank, Metal, FMCG, IT, Bank, and Financial Services indices.
Broader markets also saw an uptick, with the Nifty Midcap 100 up by 0.63% and the Nifty Smallcap 100 gaining 0.55%. Meanwhile, the India VIX dropped by 2.63%, settling at 15.24.
Market View | Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
“The 1.6 per cent cut in Nifty yesterday appears to be an overreaction to the HMPV virus concerns. FII selling of Rs 2,575 crores was overwhelmed by the DII buying of Rs 5,750 crores. In spite of that, the Nifty corrected by 388 points, which means the correction was triggered by short selling by bears trying to exploit the negative sentiments.
The resilience of the Pharma and health care stocks also indicate the influence of the virus concerns on the market. The fact that momentum stocks were on the back foot yesterday indicates lack of confidence by the bulls in the context of negative sentiments.
Clarification by the government that there is no room for undue concern from the virus, which is not new, can facilitate a rebound in the market, led by momentum stocks. Investors can use the dip to buy fundamentally strong beaten down stocks in automobiles and financials.”
Global Market Overview
Markets across the Asia-Pacific region saw an uptick on Tuesday, following a rally in tech stocks on Wall Street, which led the S&P 500 and Nasdaq Composite to post consecutive gains.
Japan’s Nikkei 225 rebounded by 2.06% after yesterday’s decline, while the broader Topix index rose 1.12%. South Korea’s Kospi gained 1.01%, and the small-cap Kosdaq edged up by 0.30%. Australia’s S&P/ASX 200 increased by 0.13%.
In contrast, Hong Kong’s Hang Seng fell 0.51%, while mainland China’s CSI 300 rose by 0.39%, and the Shanghai Composite added 0.05%.
Hong Kong-listed tech stocks were under pressure after the US Department of Defense included Chinese tech giant Tencent Holdings and battery maker CATL on its list of companies associated with the Chinese military. Tencent’s Hong Kong-listed shares dropped 5%, while its American depositary receipts fell almost 8% overnight.
Global Economic and Market Sentiment:
Global stocks advanced while the US dollar index weakened on Monday after President-elect Donald Trump denied reports that his administration would pursue a less aggressive tariff policy than previously threatened.
European stocks and currencies gained following a Washington Post report suggesting that Trump aides were considering a targeted tariff plan, applying only to certain sectors critical to national or economic security, rather than implementing broader tariffs as promised during his campaign. Trump later dismissed the story as “Fake News.”
On Wall Street, the S&P 500 and Nasdaq finished higher, with gains led by communication services, technology, and materials stocks. Meanwhile, the Dow Jones Industrial Average ended lower, dragged down by losses in consumer staples.
The Dow dropped 0.06% to 42,706.56, the S&P 500 rose 0.55% to 5,975.38, and the Nasdaq Composite climbed 1.24% to 19,864.98.
In Europe, the pan-European stock index gained 0.94%, closing at 512.37, near its session high of 513.08. MSCI’s global stock index rose 1.20% to 857.39.