Wednesday, December 6, 2023

Indian markets recover, Sensex rallies 1,000 points in early trade

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By the beginning of the day, the S&P BSE Sensex rose more than 1,000 points, and at 10.30 am, it was up 992 points to 61,609 level, while the Nifty50 was up 283 points to 18,311.95 level.

S&P BSE LargeCap, one of the broad-based indices, increased 104 points to 7,110 points, with the most active stocks on the index being Zomato, Naukri, and Bajaj Finance. BSE MidCap increased by 130 points to a new high of 25,558.73 as Godrej Properties and NHPC contributed to the index’s gain. Infosys shares increased 4.30 percent, and TCS shares increased 3.94 percent, making them two of the most active Nifty50 firms. The majority of IT equities saw gains in the early trade.

The BSE IT increased 3.58 percent to a level of 1026.63, with Mindtree, Infy, Latent View, LTI, and Birla Soft among the index’s most active companies. Early on Friday, all Sensex constituents were trading higher.

Infosys, Wipro, Tech Mahindra, Tata Steel, HCL Technologies, and IndusInd Bank were the companies that saw the most success in the early deals.

A smaller-than-expected rise in US consumer prices fueled optimism that the Federal Reserve could scale back its aggressive pace of interest rate hikes, which led to sharp losses for the dollar on international markets. The Dow Jones is up 3.70%, the Nasdaq is up 7.35%, all European stock market indices are trading in the green, and Asian stock market indices like the Nikkei 225 and Hang Seng are also up so far.

Hong Kong shares soared 6.5% in early trade while mainland China stocks opened 2.1% higher.

On the first day of subscriptions, 23% of the Kaynes Technology India IPO was subscribed. According to NSE data, bids for the Initial Public Offering (IPO)’s 1,04,70,246 shares on offer were outnumbered by 24,29,325 bids.

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