Sensex Today Live: Automakers Mahindra and Mahindra led Indian shares up 1% on Monday after reporting positive quarterly results, while markets also benefited from improved global sentiment on news that Shanghai will ease COVID-19 restrictions. The Nifty’s IT sub-index built on a rebound in the previous session and rose 2.6% on Monday.
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Live Market Updates: BSE Smallcap up over 2%, outperforming benchmark Sensex
Shriram Properties jumps 13% as company returns to black in March quarter
Shares of Shriram Properties surged about 13% in early trading Monday after the company returned to profitability in the March 2022 quarter. The recently listed property company reported a consolidated net profit of Rs 644 crore for the quarter ended March. In the same period last year, it posted a net loss of Rs 315 crore. Shares of Shriram Properties surged 13 percent to Rs 72 after the earnings announcement, before trading at Rs 66.75 at 10.10 am. On Friday, the coin closed at Rs 63.90.
I would say that right now, the U.S. economy is actually doing fine. Consumers are still in very good shape. If you look at metrics like consumer credit, the U.S. economy is generally healthy. However, there are certainly some troubling signs. There is no doubt that tighter monetary conditions are driving down asset prices and this is affecting perceptions of wealth, which should start to affect future spending habits, but we haven’t seen that yet. Therefore, it is very difficult to predict or determine anything. I don’t think there is enough data (yet).
– David Solomon, CEO of Goldman Sachs
Live market updates: Tata Motors jumps nearly 3% as Tata Motors says it has signed memorandum of understanding to potentially acquire Ford India’s Sanand plant
Prices as of May 30, 2022 10:20 amClick on a company name to see their real-time prices.
Investors should not engage in bottom fishing when the market is in a correction phase or trying to find a potential bottom before a rebound begins, as falling knife is always dangerous.
– Mayuresh Joshi, Head of Equity Research, William O’Neil India
Rupee surges 12 paise to 77.46 against dollar in morning trade
The rupee was up 12 paise against the greenback at 77.46 at the open on Monday, supported by a fall in the US dollar index and gains in domestic equities. In interbank foreign exchange trades, the rupee opened at 77.53 against the dollar before rising further to 77.46, up 12 paise from the previous close. On Friday, the rupee closed at 77.58 against the dollar.
Sensex Live Today: Index extends gains, up more than 900 points
Ethos: Listing before opening
- BSE: Rs 830 (down 5%)
- NSE: Rs 825 (down 6%)
The market will usher in a near-term rebound. The sharp gains in the Nasdaq and S&P 500 late last week indicated a recent trend reversal. Declines in the U.S. dollar index and U.S. 10-year bond yields are also risk-positive, especially in emerging markets. With the help of short-covering, frustrated IT departments are likely to make a comeback. Financial stocks, especially major banks, have more upside, aided by buying in delivery-based investments. However, Brent at $120 is a major macro headwind.
– Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Future Consumer, Vodafone Idea, Adani Power are among the most active stocks on the NSE
Prices as of May 30, 2022 9:27 amClick on a company name to see their real-time prices.
Sensex Live Today: IT stocks lead gains in morning trade
Industry Watch: All NSE indices trade in green except Nifty Metal
Open: Sensex soars 650 points, Nifty tops 16,500; Zomato, Infosys each up 3%
Forex Update: Rupee opens at 77.52/$, compared to Friday’s close at 77.56/$
Oil climbs ahead of EU meeting on Russia sanctions
Oil prices rose to two-month highs on Monday as traders waited to see whether the European Union would reach a deal on a ban on Russian oil ahead of a meeting of the sixth set of sanctions over Moscow’s invasion of Ukraine. Brent crude futures were up 46 cents, or 0.4%, at $119.89 a barrel by 0111 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 60 cents, or 0.5%, at $119.89 a barrel. $115.67 a barrel, extending last week’s strong gains.
SGX Nifty marks a positive start
Nifty futures on the Singapore Exchange traded up 123 points, or 0.75%, to 16,460, signaling a good start to Dalal Street on Monday.
Technical View: Nifty breaks above 20-day SMA, faces hurdle at 16,400
The Nifty50 broke above the 20-day simple moving average (SMA) on Friday and closed above the 16,350 level, forming a bullish candle on the daily chart and a “hammer” candle on the weekly chart, suggesting a reversal ahead. Analysts said a close above 16,400, the upper end of a sustained consolidation range, could open the door for gains to 16,750. Downside support lies at the 15,900 and 15,700 levels.
Hong Kong and Mainland stock markets have a solid start
Stocks in Hong Kong and mainland China opened higher on Monday, in line with gains in Asia, as Shanghai eased long-standing coronavirus restrictions after another rally on Wall Street, boosting confidence. The Hang Seng gained 1.14%, or 236.14 points, to 20,933.50. The Shanghai Composite edged up 0.37%, or 11.72 points, to 3,141.96, while China’s second-largest exchange’s Shenzhen Composite added 0.49%, or 9.66 points, to 1,964.69.
Tokyo stocks open higher, tracking U.S. gains
Tokyo stocks opened higher on Monday, extending Wall Street’s gains as investors turned their attention to global economic indicators due out this week. The benchmark Nikkei 225 gained 1.21% or 323.48 points to 27,105.16 in early trade, while the broader Topix rose 1.01% or 19.03 points to 1,906.33.
U.S. stocks rise, Treasury yields fall on inflation data
U.S. stocks rose broadly on Friday, while benchmark U.S. Treasury yields fell after data showed U.S. consumer spending rose in April and inflation slowed, two signs that the world’s largest economy is on track for growth this quarter. Dow Jones Industrial Average The index added 575.77 points, or 1.76%, to 33,212.96, the S&P 500 gained 100.4 points, or 2.47%, to 4,158.24 and the Nasdaq Composite added 390.48 points, or 3.33%, to 12,131.13.
Rupee up 3 paise to 77.58 against dollar
The rupee edged up 3 paise to 77.58 against the dollar on Friday, supported by gains in domestic equities and a weaker dollar overseas. The rupee was consolidating in a narrow range as higher crude oil prices, fiscal deficit concerns and persistent FII outflows weighed on the currency, foreign exchange traders said. In the interbank foreign exchange market, the rupee opened at 77.60 against the dollar and traded in a range of 77.57 to 77.67 on the day.
Sensex, beautiful Friday
India’s main indexes Sensex and Nifty rose more than 1 percent on Friday, supported by strong buying in IT, banking and capital goods stocks. The 30-stock S&P BSE Sensex surged 632.13 points, or 1.17%, to 54,884.66, compared with the previous day’s close of 54,252.53. The broader Nifty 50 on the National Stock Exchange closed 182.30 points, or 1.13%, higher at 16,352.45, compared with the previous session’s close of 16,170.15.