Domestic Markets Snap Freefall To Gain In Early Trade

The domestic markets opened with gains in the morning trade as investors picked up cues from strong US markets. On Friday, US data showed inflation was continuing to ease and the Federal Reserve's rate hikes were serving their purpose. All the key indices of the American markets were trading in the green when Asian markets opened on Monday.

The 30-share BSE Sensex went up 90.89 points to 59,942.35 while NSE Nifty rose 68 points to 17,875.25. Some of the gainers which were most active on BSE were Union Bank of India, JP Associates, HCC and SJVN while some of the laggards on the index were Reliance Infra, Sindhu Traders, Ajanta Pharma, Tata Teleservices and Timken.

While on Nifty, some of the most active stocks trading in the green were Adani Enterprises, Mahindra, Hindalco, HDFC Bank and Tata Motors while Dr Reddy, Bharti Airtel, Bajaj Auto, Cipla and SBI Life were some of the laggards on the index.

In Asian markets, there was a mixed response from investors. Japan's Nikkei surged 116 points, Hong Kong's Hang Seng was down 86 points while China's Shanghai SE rose 6 points in the morning trade on Monday.

In European markets, FTSE was trading in the green, CAC was down 13 points while Deutsche Borse was 26.86 points as on Monday morning.

While in American markets, Dow Jones rose more than 176.44, Nasdaq surged 21 points, S&P 500 was trading 22 points up while Refinitiv was trading in the green.

Rupee gained 5 paise to 82.835, against the US dollar on Monday morning, according to Investing.com.

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On Friday, the losses in the domestic stock indices widened as the session progressed and they settled sharply lower, tracking weak global cues as the fear of the Covid surge kept investors at bay. The benchmark indices extended losses for the fourth straight session and marked the sharpest single-day fall in about three months.

On Friday, Sensex closed the session at 59,845.29 points, down 981 points or 1.61 per cent, whereas Nifty closed at 17,806.80 points, down 320.55 points or 1.77 per cent.

On Friday, the shares of Adani Ports and SEZ were down 7.27 per cent, Adani Enterprises was down 5.85 per cent and Reliance Industries, which declined 2.96 per cent, dragged the Nifty.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.40% to 16.16.

Sellers outnumbered buyers. On the BSE, 475 shares rose and 3,113 shares fell. A total of 67 shares were unchanged.

In the foreign exchange market on Friday, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8450, compared with its close of 82.79 during the previous trading session.

Most European shares advanced while Asian stocks slumped on Friday, taking the lead from losses on Wall Street while investors also looked ahead to some economic data in the region.

(With inputs from ANI)

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