Share Market Today: The four-day long decline in the local stock market came to an end on Tuesday and BSE Sensex gained 170 points. The softening of retail inflation and the uptrend in global markets also had a positive impact on the domestic market. BSE Sensex based on 30 shares closed at 76,499.63 points with a gain of 169.62 points or 0.22 percent. At one time during trading it had climbed up to 505.6 points. National Stock Exchange’s Nifty (NSE Nifty) also closed at 23,176.05 points with a gain of 90.10 points or 0.39 percent.
The rise in oil prices put pressure on the stock market: According to traders, continuous selling by investors and rise in crude oil prices put pressure on the stock market and profits remained limited. BSE Sensex had fallen 1,869.1 points or 2.39 percent in the last 4 trading sessions.ALSO READ: Will the share market cross Rs 1 lakh in the year 2025, know what astrology says
There were fluctuations in the shares of major companies: Among the 30 Sensex stocks, Adani Ports gained 5 percent. Apart from this, shares of NTPC, Tata Steel, Bajaj Finserv, Zomato, Bajaj Finance, Tata Motors, State Bank of India, IndusInd Bank and Maruti also remained profitable. On the other hand, loss making stocks include Hindustan Unilever, Titan, Tata Consultancy Services, Infosys and UltraTech Cement. Shares of information technology company HCL Technologies lost more than 8 percent after its December quarter financial results.ALSO READ: How will be the effect of retrograde Jupiter on the share market?
HCL Tech’s net profit increased: HCL Tech said in its filing to the stock market on Monday that its integrated net profit has increased by 5.54 percent to Rs 4,591 crore in the third (October-December) quarter of the current financial year. According to government data released on Monday, retail inflation came down to 5.22 percent in December due to lower prices of vegetables and other food products. This is the lowest level in 4 months. This has increased the expectation that the Reserve Bank of India may cut the policy rate in the monetary policy review presented next month.
Vinod Nair, Head of Research, Geojit Financial Services, said that the rise in the global market and moderation in retail inflation at the domestic level had a positive impact on the market. Due to this, the Reserve Bank of India (RBI) can take steps to reduce the policy rate in the next monetary policy review. However, the rise in crude oil prices and higher yields on 10-year bonds will be monitored.ALSO READ: Shares of Mamta Machinery and DAM Capital Advisors listed with a jump from their issue price.
He said IT stocks declined amid concerns over weak earnings estimates for the fourth quarter. Domestic sentiment will be influenced by companies’ December quarter results and the upcoming Union Budget. There is a mixed attitude regarding this.
In Asian and American markets: In other markets of Asia, South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng were in the rise while Japan’s Nikkei was in the loss. There was a bullish trend in afternoon trading in the major markets of Europe. There was a mixed trend in the American market on Monday. All the shares of Adani group companies were in huge profit. Adani Power rose nearly 20 percent.
FIIs sold on Monday: According to stock market data, foreign institutional investors sold shares worth Rs 4,892.84 crore on Monday. Global oil benchmark Brent crude was up 0.12 per cent at $81.11 per barrel. Meanwhile, according to official data released on Tuesday, wholesale inflation increased to 2.37 percent last month i.e. in December due to increase in prices of non-food items, manufactured products and fuel. However, there was a slight decline in the prices of food items during this period. BSE Sensex lost 1,048.90 points on Monday while NSE Nifty fell 345.55 points.(Language)
Edited by: Ravindra Gupta
