Sensex Gains 16 pts, Nifty Settles Near 15,850 Amid Volatility; Oil India Rallies 6%
Sensex Gains 16 pts, Nifty Settles Near 15,850 Amid Volatility; Oil India Rallies 6%
Stock Market Today: The Indian equity markets opened on a choppy note as investors mood turn cautious overseas.

Stock Market Today: Benchmark indices ended on a flat note in the volatile session on Tuesday. At close, the Sensex was up 16.17 points or 0.03 per cent at 53,177.45, and the Nifty was up 18.20 points or 0.11 per cent at 15,850.20.

Top Gainers & Losers

M&M, Tech M, Dr Reddy’s Labs, Reliance Industries, HCL Tech, and Tata Steel were the top gainers on the 30-pack index, up between 1 per cent and 3 per cent. Meanwhile, Titan Company, Asian Paints, Bajaj Finserv, Kotak Bank, Bajaj Finance, and ICICI Bank were the laggards, down up to 3.5 per cent.

On the NSE, the Nifty50 shut shop at 15,850, up 18 points or 0.11 per cent. Further, in the broader markets, the Nifty MidCap added 0.3 per cent, but the Nifty SmallCap fell by equal percentage.

Among major sectoral indices, the Nifty Metal index advanced around 2 per cent, while the Nifty Private Bank index dropped 0.8 per cent.

Vinod Nair, head of research at Geojit Financial Services, said: “Upstream companies are currently benefited by higher spot prices of oil, leading to strong earnings, while refiners are benefited from higher GRMs. This trend is expected to continue in FY23, as OPEC will continue to maintain its current production levels. Going ahead, if oil prices remain elevated, the oil marketing companies (OMCs) will be impacted by higher under-recoveries unless we have a calibrated hike in retail fuel prices. We remain positive on upstream companies in the short term but over the medium to long term, we expect oil prices to correct as the supply constraints and geopolitical tensions relieve. Given higher volatility in earnings, overall, we have a neutral view on the sector.”

Global Cues

Asian shares edge down in early trade on Tuesday with investors taking their cue from a volatile Wall Street session overnight, while oil prices climbed following last week’s rout. Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent. The index is down 3.8 per cent so far this month. U.S. stock futures, the S&P 500 e-minis, were up 0.27 per cent.

Tokyo stocks traded higher Tuesday on bargain-hunting, having opened down following falls on Wall Street. The benchmark Nikkei 225 index was up 0.37 per cent, or 100.42 points, at 26.971.69 in morning trade, while the broader Topix index was up 0.60 per cent, or 11.33 points, at 1,898.75 yen.

US stocks closed lower on Monday, with few catalysts to sway investor sentiment as they approach the half-way point of a year in which the equity markets have been slammed by heightened inflation worries and tightening Fed policy.

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