Markets snap 3-day losing run; Sensex recovers 60k level
Jan 09, 2023
Mumbai (Maharashtra) [India], January 9 : Indian markets snapped three-day losing run and ended stronger on Monday, after tracking cues from strong global stock market.
BSE Sensex went up 846 points and settled at 60,747.31 while NSE broad-based Nifty50 surged 228 points to end at 18,088.05 level on Monday.
According to data available, in Asian markets, Japan's Nikkei surged 153 points, Japan's Hang Seng went up 396 points while China's Shanghai rose 18 points while S&P ASX went up 47 points on Monday.
In European markets, FTSE surged 7 points, CAC 40 was trading in the green while Deutsche Borse went up 41 points on Monday. In American markets, Dow Jones jumped 700 points, Nasdaq was in the green territory while S&P was up 86 points while markets opened in Asia.
Indian rupee lost 12 paise to 82.40 against the US dollar. Dollar Index declined 0.14 per cent to 103.72 on the forex market. The US Dollar Index is a leading benchmark for the international value of the US dollar and the world's most widely-recognized, publicly-traded currency index
Naveen Kulkarni, Chief Investment Officer, Axis Securities, said, "Indian markets have opened in the green today on the back of a rally in the global equity markets due to various factors. This includes softer-than-expected wage growth in the US and commentary by Fed's Evans on Friday, where he expects a slower rate increase by the US Fed, including a possibly 25 bps increase in the upcoming policy meeting."
"Additionally, further opening by both HK (Hong Kong) and China from the remaining Covid-related border controls, and kick-off in Q3 (third quarter) corporate earnings, where TCS is all set to announce their results today, are some of the other reasons for a green opening," he added.
Vinod Nair, Head of Research at Geojit Financial Services, said, "Wall Street climbed in anticipation of a less aggressive US Fed as wage growth slowed and service activity contracted, fuelling bets that inflation is moderating. Furthermore, the December payrolls rising higher than anticipated increased the possibility of a softer landing for the US economy. These gains were also absorbed by the domestic market, with IT being the biggest gainer ahead of the release of sector earnings, as the favourable US economy boosted sector optimism."
