Voice News

CA News 2024


Stock market updates: Sensex rises 150 points, handily above 22,500

Stock markets, which started flat to positive on Wednesday, gave up early gains, which were influenced by metals, financials and auto stocks.

The S&P BSE Sensex was hovering around the flat at 73,980 levels. The Nifty50, on the other hand, tested the 22,500 level.

Ultratech Cement, Coal India, SBI, LTIMindtree, DR Reddy’s Labs, ONGC, HUL and NTPC were the biggest gainers on the Nifty50 index, gaining up to 1.6 per cent.

On the other hand, Sun Pharma, JSW Steel, Hero Moto, Maruti Suzuki, IndusInd Bank and Power Grid gained upside.

In the broader markets, the BSE MidCap and SmallCap indices traded 0.36 per cent and 0.58 per cent higher, respectively.

Among the sectors, Nifty Realty led the way, with an increase of more than 1 percent. The Nifty PSU Bank, on the other hand, fell the most (down 0.3 percent).

Market vision by Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

One conclusion to be drawn from this month’s institutional activities is that there is not undue concern about the much-discussed jitters over the election results. Net institutional sales are almost nil since FII sales of Rs 37500 crores so far this month have been offset by DII purchases of Rs 37369 crores. It is also important to understand that FII selling has been driven by the outperformance of Chinese stocks, which pushed FIIs to sell in expensive India and buy in cheap Hong Kong. Therefore, institutional activity does not reflect election-related jitters. The 9% decline in the Indian VIX in recent days also signals a return of stability to the market.