Sensex and Nifty Surge in Early Trade on Foreign Fund Inflows and US Equities Rally
Get ready for an exciting financial rollercoaster! Today, the stock market witnessed a thrilling surge as the Sensex and Nifty, our favorite equity benchmark indices, soared high right from the opening bell on Wednesday. And guess what fueled this incredible ascent? Fresh foreign fund inflows and an exhilarating rally in the US markets!
The 30-share BSE Sensex made a jaw-dropping climb of 270.39 points, landing at an impressive 66,626.10. But that’s not all! The broader NSE Nifty also caught the adrenaline rush, leaping 69 points to reach a staggering 19,748.85.
The superheroes of the Sensex pack were none other than Larsen & Toubro, who demonstrated their true powers by jumping a remarkable 4 per cent! And not to be outdone, Tata Motors showed their mettle, climbing nearly 2 per cent to join the winners’ podium. But they weren’t alone in their conquest – ITC, Sun Pharma, Reliance Industries, and Power Grid joined the league of major gainers, proving their strength in the market.
Speaking of powerhouses, Larsen and Toubro (L&T) had an extraordinary triumph on Tuesday, boasting a 36 per cent rise in net profit, totaling a whopping Rs 3,116.12 crore for the June quarter! How did they do it? By skillfully executing their healthy order book in projects and manufacturing – truly an inspiration.
But wait, there’s more! Tata Motors, the indomitable force, reported a consolidated net profit of Rs 3,300.65 crore for the quarter. Their secret weapon? The exceptional performance of their British arm, Jaguar Land Rover, and their commercial vehicles business – a force to be reckoned with!
As the markets roared in triumph, a few lagging heroes emerged from the 30-share club, with HDFC Bank and Asian Paints momentarily taking a breather.
While the Asian markets experienced a minor dip, the US markets ended on a victorious note, setting the stage for even more excitement.
The spotlight now falls on the revered Fed chief, Jerome Powell, whose comments about the disinflation process in the US and the potential trend in interest rates are awaited with bated breath. Will there be a 25 basis points rate hike? The anticipation is palpable, and the markets stand ready for any move.
But here’s the twist – V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes that a surprise might be in store! If the Fed chief signals that inflation is under control and further rate hikes are unnecessary, brace yourselves for a colossal market surge. Though it seems unlikely, one never knows – it’s all part of the thrill!
In the midst of all this financial excitement, global oil benchmark Brent crude played its own part, trading 0.42 per cent lower at USD 83.29 a barrel.
And let’s not forget our foreign friends – the Foreign Institutional Investors (FIIs) showed their support by buying equities worth Rs 1,088.76 crore on Tuesday, adding to the adrenaline rush.
So hold on tight, dear readers, as the markets continue their adrenaline-fueled dance! Yesterday’s performance was just the beginning, and we can’t wait to see what unfolds next. The stock market has its game face on, and with fresh funds flowing in and the US markets in high spirits, the thrill is far from over! Buckle up for an exhilarating ride in the world of finance!