Sensex and Nifty erase early gains, metals, oil & gas drag
Sensex and Nifty Today: Indian stock market opened higher on Monday amid positive cues from other Asian markets. Nifty today opened at 16290.95, up by 24.8 points while Sensex made a positive opening of 133.56 points at 54459.94 levels. The benchmark indices erased their early gains in the second half and traded almost on a flat note later, in the end, indexes closed slightly lower.
Stock Market News Today
Indian equity markets added gains in the morning deal on the back of buying in Auto, Realty, and Consumer Durables stocks. The market sentiments got upbeat with a private survey stating that India Inc seems to be optimistic about opening new vacancies amid steady hiring during the current Financial year, as the country’s economy is on a growth track.
Indian markets got some support as retirement fund body EPFO has added 15.32 lakh subscribers in March 2022, over 19 percent more than 12.85 lakh enrolled in February this year. The RBI Governor in an interview confirmed the interest rate hikes will be there to control the inflation but would be premature to say that the repo rate will be hiked to pre-covid levels.
Meanwhile, the Indian government is considering spending an additional 2 trillion rupees ($26 billion) in the 2022/23 fiscal year to cushion consumers from rising prices and fight multi-year high inflation.
On the global front, Asian markets mostly closed in the green today as a fresh selling in the technology shares weighed on Chinese markets. Investors were worried about interest rate hikes and the economic growth in the region. European markets are trading in the green taking cues from Asia and the Simens deal boosted the German index.
Sensex and Nifty indexes at the close today
The Nifty index declined by 51.45 points or 0.32 percent and closed at 16214.70 levels while Sensex was down by 37.78 points or 0.07 percent and finished at 54288.61 levels. The Bank Nifty index ended lower today by 28.80 points or 0.08 percent on the spot level and ended at 34247.60
The broader markets were closed lower today. The Nifty midcap index declined by 96.75 points or 0.35 percent and closed at 27775.45 levels. The Nifty smallcap index closed lower by 72.75 points or 0.80 percent and finished at a 9063.35 level.
Nifty top gainers and losers today
The top gainer in the Nifty 50 index was M&M, Maruti Suzuki, HUL, Larsen, and Asian Paints whereas the top losers were JSW Steel, Tata Steel, Divis Labs, ONGC, and Hindalco
The top gainers in the Nifty midcap index were JSW Energy, Dhani Services, and Container Corp and the top losers were Jindal Steel, SAIL, and Amar Raja Batt.
The smallcap top gainers were Sequent Scientific, Cochin Shipyard, and Kaveri Seed and the top losers were Hind Copper, JK Lakshmi Cement, and Future Retail.
The most active stocks in the Nifty index in terms of value were Tata Steel, Reliance, and HDFC Bank. The most active stocks in terms of volume were Tata Steel, NTPC, and ITC
On a sectoral front, Auto, IT, and Consumer Durables were closed higher today. The sectors that dragged the markets were Metals, Oil & Gas, Pharma, Realty, and Media.
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