Stock Market Today: Investors remain optimistic amidst positive global cues
- Share Market Close: Indian markets closed higher as Sensex climbed 415 pts and Nifty closed above 17,700. Adani Ent and Tata Motors gained, while Britannia and JSW Steel dragged. IT and Energy sectoral indices ended significantly higher; Realty and PSU Bank shed.
Adani stocks continued to rise on Monday with many stocks hitting the upper circuit. Asian markets rose on Monday tracking gains on Wall Street in the previous session after U.S. Federal Reserve officials calmed fears of policy overtightening.
06 Mar 2023, 03:42:09 PM IST
Indices continue to climb as Sensex ends 0.69% higher and Nifty 0.67% with IT and Energy leading the rally
Indian shares advanced on Monday aided by a rise in high-weightage information technology stocks after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite.
The Nifty 50 index rose 117 points to close at 17,711, while the S&P BSE Sensex closed above 60,000, at 60,224, a gain of 415 points.
Adani Enterprises continued its forward march as it gained 5.5%. ONGC and Tata Motors climbed more than 2.5%. Britannia, Tata Steel and JSW Steel dropped more than a per cent and were among the biggest laggards.
Almost all sectoral indices rose on Monday except Realty and PSU Bank, with IT and Energy stocks leading the market rally with each jumping more than a per cent. Realty and PS Bank dropped marginally in today’s session.
Most Asian markets rose on Monday tracking gains on Wall Street in the previous session after U.S. Federal Reserve officials calmed fears of policy overtightening.
Japan’s Nikkei share average rallied more than 1% on Monday to hit a three-month high as rate-sensitive tech shares outperformed in Japan, just like in the U.S., after comments from Richard Fed President Thomas Barkin that inflation is “likely past peak”.
The Nikkei rose 1.11%. The index had opened above the key psychological 28,000 mark and then probed as high as 28,288.62 for the first time since Dec 1 earlier.
China stocks fell on Monday after Beijing set a modest economic growth target of 5% for 2023, undercutting expectations of big stimulus, while Hong Kong shares rose slightly.
China’s blue-chip CSI 300 closed down 0.5%, while the Shanghai Composite Index lost 0.2%. Hong Kong’s Hang Seng Index was up 0.2%, and the China Enterprises Index was little changed.
European shares opened higher on Monday, with shares of Telecom Italia jumping to the top of the continent-wide STOXX 600 index, while mining companies slid after top consumer China set a modest annual growth target. The STOXX 600 index was up in the morning session after clocking its best week since the beginning of the year.
UK’s blue-chip FTSE 100 was trading flat on Monday after miners slumped following top metals consumer China’s decision to set a modest growth target for the year, offsetting a strong performance by Ireland-based gaming company Flutter.