Indices snap out of 6-day losing streak, Sensex gains 180 points

TNN Bureau. Updated: 5/16/2022 4:44:35 PM Business and Economy

The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped out of a six-session losing streak and ended over 0.3 per cent higher on Monday led by financial stocks.

The S&P BSE Sensex rose 180.22 points (0.34 per cent) to end at 52,973.84 and the Nifty 50 climbed 60.15 points (0.38 per cent) to settle at 15,842.30. Both the indices had opened on a positive note earlier in the day and inched higher as the trade progressed with the Sensex hitting a high of 53,428.28 and the broader Nifty touching 15,977.95.

On the Sensex pack, NTPC, Bajaj Finance, Maruti Suzuki India, State Bank of India (SBI), Housing Development Finance Corporation (HDFC) and Kotak Mahindra Bank were the top gainers of the day. On the other hand, Ultratech Cement, Asian Paints, ITC, Tata Consultancy Services (TCS), Dr. Reddy’s Laboratories and HCL Technologies were the top losers.

Global market
Global shares were mixed Monday, as investors eyed surging energy costs and prospects for interest rate hikes in the US. European benchmarks were trading mixed, with shares up in France and Germany but down in Britain. Stock moves were similar earlier in the day in Asia, where benchmarks finished higher in Japan and Australia, but fell in South Korea. Shares rose in Hong Kong but declined in Shanghai.

France’s CAC 40 declined 0.4% in early trading to 6,336.07, while Germany’s DAX shed 0.5% to 13,963.69. Britain’s FTSE 100 was up less than 0.1% at 7,421.33. US shares were set to drift lower with Dow futures down 0.1% at 32,085.00. S&P 500 futures fell 0.3% to 4,006.00.

Some analysts worry that if the US Federal Reserve raises interest rates too quickly, or by too much, that could set of a recession. A slowdown in the US would almost certainly hurt the Asian region, which exports and manufactures goods for the US economy. The Fed has said it will continue to raise interest rates to temper rising inflation. The benchmark short-term interest rate was at a record low of near zero during much of the coronavirus pandemic.

Japan’s benchmark Nikkei 225 gained 0.5% to finish at 26,547.05. In other regional trading, Australia’s S&P/ASX 200 edged up 0.3% to 7,093.00. South Korea’s Kospi fell 0.3% to 2,596.58. Hong Kong’s Hang Seng recouped morning losses to rise 0.3% to 19,950.21, while the Shanghai Composite shed 0.3% to 3,073.75.

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