5 Minutes Read
Closing Bell: Markets close in green; Nifty, Sensex reclaim pre-trade war levels
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
The BSE’s Sensex outperformed after it gained over 400 points and reclaimed its 33,000 levels. The Nifty Midcap, although was off its highs for a brief period today, recovered by 1.29%.
Markets reversed the losses of the last two sessions and extended gains today, as the slew of banks helped in pulling up the markets. The NSE’s Nifty reclaimed 10,000 levels and closed at 10,130 points. Four out of five contributors for the Nifty are from financials with HDFC Twins as the top index gainers.
Only 11 Nifty stocks closed in the red today due to a sustained rally of IT stocks. In today’s session, IT, pharma and oil marketing companies were under pressure, dragging the indices.
The BSE’s Sensex gained over 400 points and reclaimed 33,000 levels. The Nifty Midcap, though off its highs for a brief period today, recovered by 1.29%.
The Nifty Bank index gained by over 4% in intra-day trading with SBI, Canara Bank, ICICI Bank and Bank of Baroda taking the lead. Only IDFC bank underperformed today, with the rest closing in the green. The index gained by 574 points – the biggest one-day gain in five months.
The market breadth is mildly in the favour of declines and the Advance-Decline Ratio is at 3:4.
In the afternoon, benchmark indices have shown a slight recovery post the global trade war buzz. NSE’s 50 share Nifty hovered around the 9,900-10,000 range.
Markets had opened flat as Asian Markets were recovering from weak global cues and trade war fears. NSE’s Nifty opened below 10,000 levels at 9,994. While, BSE’s Sensex remained weak at 32,000 levels.
US President Donald Trump set in motion a tariff hike of close to $60 billion on China on Thursday. The tariff hike came as a measure to ‘penalise’ China after Trump accused China of high-tech thievery, such as stealing the intellectual property of American companies. China, in retaliation, unveiled higher import duties on 128 U.S. goods including steel pipes, wine and fresh fruits.
In world markets, Dow went down by 400 points, after it witnessed cuts of close to 6 percent last week .
Financial Major JP Morgan said that markets have been very off-base due to trade war fears. The markets may continue to show a weak performance.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
