Indian equity benchmarks ended near the day’s high points
on Monday despite growing fears that aggressive rate hikes by central banks
globally would lead to a slowdown. Domestic markets made a negative start but
soon wiped out all their losses and entered into positive territory, as traders
took support after Finance Minister Nirmala Sitharaman said the Indian economy
will stay on course despite global headwinds and is projected to grow at 7% in
fiscal 2022-23, and attributed this to the conducive domestic policy
environment and focus on key structural reforms.
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The Sensex jumped 491.01 points or 0.85% to settle at
58,410.98 after trading in a range of 57,639.80 and 58,449.00. The Nifty
climbed 126.10 points or 0.73% to settle at 17,311.80, marking its second
consecutive session of gains.
The broader indices ended in green with the BSE Midcap
index gaining 0.26% and the Small cap index up by 0.09%. The top gaining
sectoral indices on the BSE were Utilities up by 1.86%, Power up by 1.85%,
Bankex up by 1.60%, PSU up by 1.42% and Energy was up by 0.66%, while Metal
down by 0.84%, Realty down by 0.48%, Telecom down by 0.22%, Capital Goods down
by 0.20% and Industrials was down by 0.05% were the top losing indices on BSE.
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Top gainers from the Sensex pack were State Bank of India
up by 3.20%, NTPC 1.88%, Bajaj Finserv 1.80%, ICICI Bank 1.78%, Axis Bank
1.75%, Reliance Industries by 1.64%, IndusInd Bank 1.58%, Kotak Mahindra 1.31%,
Maruti Suzuki 1.28% and UltraTech Cement 1.22%.
Among the losers were Larsen & Toubro down by 1.45%,
HCL Tech 0.77%, Wipro 0.60%, Tata Steel 0.55%, Nestle 0.28%, Power Grid Corp
0.26% and Bharti Airtel 0.02%.
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The Indian rupee slipped 11 paise to close at 82.30
against the US dollar as risk-off sentiment among investors and sustained
foreign capital outflows weighed on the local unit.
Asian markets ended mostly higher with the Shanghai
Composite up by 0.42%, the Hang Seng up by 0.15%, and the KOSPI Composite by
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European stock exchanges were trading in the positive
territory in mid-session deals. US equity markets had ended significantly lower
Brent crude futures, the international oil benchmark was
trading 0.07% lower at $91.75 per barrel.
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According to stock exchange data, foreign institutional
investors (FIIs) remained net sellers in the Indian capital market on Friday as
they offloaded shares worth Rs 1,011.23 crore.