Stock Market Update: Sensex Rises 200 pts, Nifty Above 16,600; Titan Surges 3%

The Sensex and Nifty benchmarks started on a flat note on Wednesday amid muted global cues. The BSE Sensex rose over 100 points to 55,729 and the NSE Nifty50 gained 60 points to 16,640. Titan, NTPC, HUL, Asian Paints, M&M, Tech M, Maruti, and ITC were the top gainers on the Sensex. Tata Consumer, BPCL, Divi’s Labs and Tata Steel were the additonal winners on the Nifty.

On the flip side, Dr Reddy’s, Kotak Bank, PowerGrid, Wipro, HDFC Bank, Hindalco and ONGC were the leading laggards on the two benchmarks. The broader markets, meanwhile, opened in green. The BSE MidCap and SmallCap indices rose up to 0.77 per cent.

Sectorally, Nifty FMCG, consumer durables and realty indices led gains, rising 1 per cent each. Nifty Auto and PSBs were other notable gainers. While financials and oil and gas indices were flat.

Among stocks, Bharat Dynamics soared over 5 per cent after the company signed a contract with the defence ministry for building Astra Mark-1 beyond visual range air-to-air missiles (BVRAAMs) worth Rs 2,971 crores.

AU Small Finance Bank also rose over 1 per cent. The bank has fixed June 10 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of Bonus shares in the ratio of 1:1.

Global Cues

Stocks closed lower Tuesday and the market eked out a tiny gain for May, a fitting end to a tumultuous month as worries about a possible recession, inflation and rising interest rates bruised Wall Street. The S&P 500 fell 0.6 per cent, having recouped about half of its loss from earlier in the day. The Dow Jones Industrial Average fell 0.7 per cent, while the Nasdaq composite slid 0.4 per cent. Both also pared some of their losses after falling at least 1.4 per cent.

Tokyo stocks opened higher on Wednesday, shrugging off falls on Wall Street, with investors watching for key US data due this week. The benchmark Nikkei 225 index was up 0.18 per cent, or 49.61 points, at 27,329.41 in early trade, while the broader Topix index was up 0.32 per cent, or 6.19 points, at 1,918.86.

Hong Kong stocks fell at the start of trade Wednesday morning as traders eased back after a healthy run-up in recent sessions and following a negative lead from Wall Street. The Hang Seng Index fell 0.35 per cent, or 75.00 points to 21,340.20. The Shanghai Composite Index slipped 0.34 percent, or 10.93 points, to 3.175.50, while the Shenzhen Composite Index on China’s second exchange retreated 0.30 per cent, or 5.95 points, to 2,001.00.

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