iStockTracking Asian equity markets, the Indian equity market kicked off the last week of 2022 on a firm note on Monday, led by gains in banking, financial and stocks.
BSE Sensex reclaimed the 60,000 mark to trade 480 points or 0.87% higher at 60,326. Nifty50 was trading at 17,946.75, up 140 points or 0.79% at 9.40 am.
In the Sensex pack, , , and were the top gainers, rising over 0.5%. L&T, , M&M, and also opened with gains. However, , , , , and traded with cuts.
“The market selloff on Friday was the consequence of the cumulative impact of Covid fears, valuation concerns and margin calls in many momentum stocks. It is important to note that the 320 point cut in Nifty was caused on a day when DIIs bought heavily for Rs 3398 crores and FIIs sold only for Rs 706 crore,” V K Vijayakumar, Chief Investment Strategist at said.
“This means the selling was triggered by HNIs and retail which, in turn, triggered margin calls in momentum stocks that led to steep cuts in these segments. Heavy FII selling in call options in the derivatives segment indicate that recovery will be slow and tough,” Vijayakumar added.
Sectorally, Nifty PSU Bank rose 2.10% and Nifty Realty surged 1.28%. Nifty IT and Nifty Auto also opened higher. Meanwhile, in the broader market, Nifty Midcap50 rose 0.87% and Smallcap50 1.37%.
US stocks on Friday ended higher as an inflation report and a raft of other data did little to change expectations that the Federal Reserve would likely continue hiking interest rates even if the economy slows. Dow Jones Industrial Average surged 0.53%, S&P 500 rose 0.59% and Nasdaq Composite increased 0.21%.
Earlier in Asian markets, Japan’s Nikkei 225 rose 0.51%, South Korea’s Kospi surged 0.19% and China’s Shanghai Composite advanced 0.71%.
“The down move could continue with some intermittent bounces. Nifty seems headed towards 17730 and later 17349. 18133-18246 may be tough to cross on the upside for some time,” Deepak Jasani, Head of Retail Research at HDFC Securities said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
BSE Sensex reclaimed the 60,000 mark to trade 480 points or 0.87% higher at 60,326. Nifty50 was trading at 17,946.75, up 140 points or 0.79% at 9.40 am.
In the Sensex pack, , , and were the top gainers, rising over 0.5%. L&T, , M&M, and also opened with gains. However, , , , , and traded with cuts.
“The market selloff on Friday was the consequence of the cumulative impact of Covid fears, valuation concerns and margin calls in many momentum stocks. It is important to note that the 320 point cut in Nifty was caused on a day when DIIs bought heavily for Rs 3398 crores and FIIs sold only for Rs 706 crore,” V K Vijayakumar, Chief Investment Strategist at said.
“This means the selling was triggered by HNIs and retail which, in turn, triggered margin calls in momentum stocks that led to steep cuts in these segments. Heavy FII selling in call options in the derivatives segment indicate that recovery will be slow and tough,” Vijayakumar added.
Sectorally, Nifty PSU Bank rose 2.10% and Nifty Realty surged 1.28%. Nifty IT and Nifty Auto also opened higher. Meanwhile, in the broader market, Nifty Midcap50 rose 0.87% and Smallcap50 1.37%.
US stocks on Friday ended higher as an inflation report and a raft of other data did little to change expectations that the Federal Reserve would likely continue hiking interest rates even if the economy slows. Dow Jones Industrial Average surged 0.53%, S&P 500 rose 0.59% and Nasdaq Composite increased 0.21%.
Earlier in Asian markets, Japan’s Nikkei 225 rose 0.51%, South Korea’s Kospi surged 0.19% and China’s Shanghai Composite advanced 0.71%.
“The down move could continue with some intermittent bounces. Nifty seems headed towards 17730 and later 17349. 18133-18246 may be tough to cross on the upside for some time,” Deepak Jasani, Head of Retail Research at HDFC Securities said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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