Friday, March 24, 2023

Sensex, Nifty rise in early trade – Usky News

Mumbai: Equity benchmark indices Sensex and Nifty ended with gains in early trade on Tuesday despite weak global cues. Amid volatile trade, the 30-share BSE Sensex rose 205.55 points, or 0.35 per cent, to 58,443.40, while broader nse The Nifty rose 44 points, or 0.26 per cent, to 17,198.30.
In the Sensex pack, 20 scrips were trading in green while 10 were in decline. Titan, Bharti Airtel and L&T were major gainers.
Most Asian markets were trading lower on Tuesday as investors grappled with the fallout from bank failures in the US. Silicon Valley banks and Signature Bank tumbled, raising concerns of a financial crisis amid central banks raising rates to combat inflation.
In a pre-market note, Deepak Jasani, Head of Retail Research at HDFC Securities, said Indian markets are likely to open marginally higher despite mostly negative Asian markets today and massive losses in US markets on Monday.
Sensex and Nifty have declined for three consecutive sessions and closed 897.28 points or 1.52 per cent lower at 58,237.85 on Monday. The Nifty closed 258.60 points, or 1.49 per cent, down at 17,154.30.
Both the indices closed at their lowest levels in five months.
According to Jasani, investors re-evaluated the outlook for interest rates following the collapses of Silicon Valley Bank in California and Signature Bank of New York, which left regional bank stocks under heavy pressure.
European markets and most American stocks closed in the red mark on Monday.
According to exchange data, foreign institutional investors (FIIs) sold domestic equities worth Rs 1,546.86 crore on Monday.


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