Market Today, BSE Nifty Share Price, October 19, 2022: The benchmark equity indices – Sensex and Nifty – opened on a positive note on Wednesday tracking their global peers.
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At 9:24 AM, the S&P BSE Sensex was up 269.44 points (0.46 per cent) at 59,230.04, while the Nifty 50 was at 17,561.05, up 74.10 points (0.42 per cent).
On the Sensex pack, HDFC twins – Housing Development Finance Corporation (HDFC) and HDFC Bank, Power Grid Corporation of India, Larsen & Toubro (L&T), Mahindra & Mahindra (M&M) and Titan Company were the top gainers in the early deals while HCL Technologies, State Bank of India (SBI), Tata Steel, Infosys, Bajaj Finserv and Tata Consultancy Services (TCS) were top losers.
Commenting on the market move, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “There are two factors supporting the ongoing rally in the market: One, support from the mother market US aided by some excellent quarterly results and two, FII selling getting completely overwhelmed by DII buying. DIIs bought stocks for Rs 5,290 crores in the cash market during the last three trading days against FII selling of Rs 1,536 crores. This complete dominance of DIIs over FIIs is triggering short covering too. Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive. However, high global inflation and tightening central banks pose headwinds to the rally.”
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Global markets (from Reuters)
Asian shares were mostly higher on Wednesday, with US corporate earnings aiding sentiment, while traders awaited British inflation readings later in the day for clues on how hawkish central banks need to be to fight inflation.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 per cent, but further gains were capped by slight falls in Chinese shares. China’s mainland bluechips lost 0.2 per cent while Hong Kong’s Hang Sang index fell 0.1 per cent.
Elsewhere, stocks tracked Wall Street higher. Japan’s Nikkei advanced 0.4 per cent, Australia’s resources-heavy shares gained 0.4 per cent, while South Korea rebounded 0.5 per cent. U.S. S&P 500 futures rose 0.8 per cent and the Nasdaq futures jumped 1.3 per cent.
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Better-than-expected quarterly results from Goldman Sachs Group Inc, Johnson & Johnson and Lockheed Martin helped US stocks rally. Both the Dow Jones and the S&P 500 gained 1 per cent.
