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Sensex Jumps Nearly 800 Points, Tracking Increase In Broad Risk -Taking Trading -By ASC


The Sensex jumped nearly 800 points, tracking risk -taking trades after two weak sessions

Indian equities bounced back to close higher on Tuesday after two consecutive sessions of losses, driven mainly by increases in risk-taking trading broadly based on positive global indicators.

The 30-stock BSE Sensex index jumped nearly 800 points to around 57,356, while the broader NSE Nifty rose nearly 1.5 percent to about 17,200 on Tuesday, after both indices fell more than 1 percent in the previous session.

On Friday, the BSE Sensex had plunged 715 points or 1.23 percent to close at 57,197, while the Nifty moved 221 points or 1.27 percent lower to close at 17,172.

All major Nifty sub-indices are trading in green.

Among for-profit individuals, Mahindra CIE Automotive jumped more than 13 per cent after March quarter net profit jumped to Rs 161.42 crore in the January-March quarter from ₹ 10.09 crore in the same period last year.

But shares of the Future Group company fell again on Tuesday following concerns the group faced the risk of bankruptcy after the Reliance deal worth ₹ 24,713 crore failed.

Shares of Zee Learn on Tuesday fell about 20 per cent after Yes Bank Ltd transferred the National Companies Law Tribunal (NCLT) application to initiate insolvency proceedings against the firm.

In fact, on the BSE Sensex, Future Retail was down nearly 5 percent after falling as much as in the previous session. Future Consumers fell more than 13 percent after plunging nearly 20 percent previously, and Future Enterprises fell nearly 10 percent, the same as on Monday.

While Tuesday generally saw a break in recent gloomy sentiment, risks to global equities remain.

Global growth concerns triggered by China’s tight COVID-19 sanctions and expectations of aggressive US Federal Reserve tightening are likely to dampen risk appetite and hurt world equities.

The increase in the dollar’s ​​safe-haven appeal, which has clouded financial markets, was driven by the Fed’s repeated signals for a very aggressive monetary policy path, with investors worried that it could undermine the recovery of the emerging global economy.

For domestic stocks, continued capital outflows also weighed on sentiment. In fact, the latest stock exchange data showed foreign institutional investors (FII) downgraded shares worth Rs 3,302.85 crore on Monday.

Agrasmartcity

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