Business
D-Street: Sensex plunges more than 400 points, Nifty at 21,903 – Times of India
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NEW DELHI:Equity benchmark indices Sensex and Nifty opened lower on Friday in early trade. Sensex declined 404.84 or 0.56% to 72,236.35 while Nifty is trading around 21,903 after declining by more than 100 points.
Tech stocks HCL, Wipro, Infosys, Tech Mahindra, TCS were the among the major losers in Sensex whereas Sun Pharma, Titan, Bharti Airtel, Nestle India and ITC were trading in green.
Sensex on Thursday rose 539.50 points or 0.75 per cent to settle at 72,641.19 on Thursday following US Fed possible rate cut announcement. During the day, it surged 780.77 points or 1.08 per cent to 72,882.46. Nifty climbed 172.85 points or 0.79 per cent to 22,011.95.
Foreign institutional investors (FIIs) were net sellers of shares worth Rs 1,826.97 crore on Thursday, while domestic institutional investors (DIIs) bought Rs3,208.87 crore worth of stocks.
Asian markets started lower with the MSCI Asia ex-Japan dropping by 0.9% after a previous gain of 1.82%.
Wall Street saw gains as the Fed-led rally continued.
United States’ three major stock benchmark indices settled at record closing highs for the second consecutive day as the Federal Reserve gave hints about potential rate cuts this year. Fed Chair Jerome Powell reiterated the gradual decline of inflation towards 2%.
Micron Technology’s positive forecast fueled chip stocks, with the Dow closing less than 1% shy of 40,000 for the first time. Micron Technology saw a surge of over 14% post an all-time high, driven by a surprise quarterly profit and a third-quarter revenue outlook exceeding expectations.
Broadcom’s shares rose by 5.6% after TD Cowen upgraded its rating to ‘outperform’. Nvidia also contributed positively, gaining over 1%, while the Philadelphia Semiconductor index surged by 2.3%.
‘Earnings results are propelling semiconductors as market leaders,’ said Matthew Miskin, Co-Chief Investment Strategist at John Hancock Investment Management.
Miskin expressed concerns about the Fed’s optimism on inflation and rate adjustments, warning of potential risks later this year.
Economic data released on Thursday further uplifted investor sentiment, with a decrease in unemployment claims and a notable rise in home sales in February.
The Dow Jones Industrial Average climbed by 0.68%, the S&P 500 by 0.32%, and the Nasdaq Composite by 0.20%. Industrial sectors led gains, while communications services faced a slight decline.
Goldman Sachs led the Dow’s surge with a 4.4% increase, while Apple witnessed a 4.1% dip following an antitrust lawsuit.
Accenture’s shares plummeted by 9% due to reduced revenue forecasts amid economic uncertainties. Reddit debuted on the NYSE, closing at $50.44, surpassing its initial public offering price.
Market performance on the NYSE and Nasdaq displayed positive trends, with more advancing issues than decliners.
The S&P 500 and Nasdaq reported new highs and lows. Total shares exchanged on US exchanges showed a slight decrease compared to the 20-day average. Overall, Wall Street’s upbeat momentum continues, driven by positive market indicators and investor optimism.
Tech stocks HCL, Wipro, Infosys, Tech Mahindra, TCS were the among the major losers in Sensex whereas Sun Pharma, Titan, Bharti Airtel, Nestle India and ITC were trading in green.
Sensex on Thursday rose 539.50 points or 0.75 per cent to settle at 72,641.19 on Thursday following US Fed possible rate cut announcement. During the day, it surged 780.77 points or 1.08 per cent to 72,882.46. Nifty climbed 172.85 points or 0.79 per cent to 22,011.95.
Foreign institutional investors (FIIs) were net sellers of shares worth Rs 1,826.97 crore on Thursday, while domestic institutional investors (DIIs) bought Rs3,208.87 crore worth of stocks.
Asian markets started lower with the MSCI Asia ex-Japan dropping by 0.9% after a previous gain of 1.82%.
Wall Street saw gains as the Fed-led rally continued.
United States’ three major stock benchmark indices settled at record closing highs for the second consecutive day as the Federal Reserve gave hints about potential rate cuts this year. Fed Chair Jerome Powell reiterated the gradual decline of inflation towards 2%.
Micron Technology’s positive forecast fueled chip stocks, with the Dow closing less than 1% shy of 40,000 for the first time. Micron Technology saw a surge of over 14% post an all-time high, driven by a surprise quarterly profit and a third-quarter revenue outlook exceeding expectations.
Broadcom’s shares rose by 5.6% after TD Cowen upgraded its rating to ‘outperform’. Nvidia also contributed positively, gaining over 1%, while the Philadelphia Semiconductor index surged by 2.3%.
‘Earnings results are propelling semiconductors as market leaders,’ said Matthew Miskin, Co-Chief Investment Strategist at John Hancock Investment Management.
Miskin expressed concerns about the Fed’s optimism on inflation and rate adjustments, warning of potential risks later this year.
Economic data released on Thursday further uplifted investor sentiment, with a decrease in unemployment claims and a notable rise in home sales in February.
The Dow Jones Industrial Average climbed by 0.68%, the S&P 500 by 0.32%, and the Nasdaq Composite by 0.20%. Industrial sectors led gains, while communications services faced a slight decline.
Goldman Sachs led the Dow’s surge with a 4.4% increase, while Apple witnessed a 4.1% dip following an antitrust lawsuit.
Accenture’s shares plummeted by 9% due to reduced revenue forecasts amid economic uncertainties. Reddit debuted on the NYSE, closing at $50.44, surpassing its initial public offering price.
Market performance on the NYSE and Nasdaq displayed positive trends, with more advancing issues than decliners.
The S&P 500 and Nasdaq reported new highs and lows. Total shares exchanged on US exchanges showed a slight decrease compared to the 20-day average. Overall, Wall Street’s upbeat momentum continues, driven by positive market indicators and investor optimism.
