Nifty sees a decent start, holds 18,100; Titan up 1%, Petronet LNG down 4%
The S&P BSE Sensex was up 50 points at 61,247.22 levels while the NSE's Nifty ended at 18,113.10, up 0.13 per cent.
The domestic equities were resilient at open and started off on quite a decent note on May 4, 2023. The S&P BSE Sensex was up 50 points at 61,247.22 levels while the NSE's Nifty traded at 18,113.10, up 0.13 per cent. Tata Steel was the top gainer on the Sensex index (up 1 per cent) in early morning trade while PowerGrid (down nearly a per cent) was the biggest loser. Reliance Industries (RIL), Bajaj Finance, and SBI were the top contributors to the index's gains.
"From the market perspective, more important than the Fed's expected dovish rate hike of 25 bp is the Fed chief’s comment that “ the case of avoiding a recession is more likely than having a recession.” The market is likely to remain resilient with limited volatility. The possibility of a soft landing for the US economy is positive for the IT segment which has been on the back foot on concerns of poor orders from the US," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Dr Vijayakumar further said that the strength of the rupee and the continued buying by FIIs would impart strength to the market. High-frequency indicators in India reflect a resilient economy with improving earnings prospects. The sharp decline in crude is an extra bonus to the macroeconomy and benign for segments like paints, adhesives and tyres.
ZEE
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 7, 2024): Precious metals subdued; yellow metal above Rs 71,300; white metal above Rs 82,850
5 investment schemes that provide monthly pension to senior citizens fixed deposit fds savings scss guaranteed return atal pension yojana post office monthly income swps mutual fund
130% return in one year: Brokerage recommends buying this bank stock trading at Rs 131, know target price
09:43 AM IST