Monday, June 19, 2023

Prior to US Fed chief Powell's address, the markets opened higher


New foreign fund inflows fueled equity benchmark indices' early Monday rise, extending the previous day's rally.

Early trade saw the 30-share BSE Sensex rise 190.11 points to 63,574.69. To 18,881.45, the NSE Nifty gained 55.45 points.

The main gainers from the Sensex pack were HDFC, Bajaj Finserv, Titan, Bajaj Finance, Larsen & Toubro, Nestle, Power Grid, Tata Consultancy Services, and Axis Bank.

Among the laggards were Hindustan Unilever, State Bank of India, NTPC, and ICICI Bank.

Seoul, Tokyo, Shanghai, and Hong Kong traded lower on Asian markets.

On Friday, the US markets closed lower.

Brent crude, the global standard for oil, fell 1.48 percent to USD 75.48 per barrel.

"At the moment, there are two significant market trends: First, the majority of industries, with the exception of large-cap IT, are represented in this rally. Two, small and mid-cap stocks are doing better than large caps. In the near future, this trend is likely to continue.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, "The FII buying support to the rally continues with an investment of Rs 7,272 crore during the last four trading days."

According to exchange data, Foreign Institutional Investors (FIIs) purchased shares worth Rs 794.78 crore on Friday.

According to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., "FIIs continuing to infuse funds in local equities and India's improving economic situation are the two positive catalysts that would cheer investors in an otherwise bleak global outlook." On Friday, the Sensex surged 466.95 points, or 0.74 percent, to a record closing high of 63,384.58. The Nifty rose 0.74 percent, or 137.90 points, to finish at its all-time high of 18,826.

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