Tuesday, 18 June 2024
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Stock Market

Sensex and Nifty close slightly up in a tumultuous trading

  • The Indian benchmark equity indices, the Sensex and Nifty, closed the day marginally higher.
  • Indian rupee’s value against the US dollar finished unchanged at 83.03.
  • The biggest gainers were auto companies, while IT stocks declined as a result of TCS and Infosys’ quarterly releases.

Even though they had lost some of their gains earlier in the day, the Indian benchmark equity indices, the Sensex and Nifty, closed the day marginally higher. The caution that preceded TCS and Infosys’ earnings reports contributed to the decline in IT stocks.

The December quarter earnings season begins today, and investors are waiting to hear from big IT businesses about their Q3 performance. Indian rupee value against the US dollar finished unchanged at 83.03.

Nifty and Sensex

Asian stocks increased, with the benchmark Tokyo index hitting its highest level since 1990. Awaiting the publication of US inflation statistics, speculators boosted European stock indexes as well. Following the US regulator’s approval of exchange-traded funds associated with the cryptocurrency, the value of bitcoin increased.

The Nifty and Sensex, the major equity indices in India, finished the day slightly higher; Sensex was up 63.5 points and Nifty was up 0.2%. The biggest gainers were auto companies, while IT stocks declined as a result of TCS and Infosys’ quarterly releases.

Asian markets saw gains, with the Nikkei adding 2%. The shares of IRB Infrastructure Developers Ltd. have increased 11% in 2024 after rising 43% in 2023. The highway and road developer reported a nearly 26% increase in revenue year over year to ₹488 crore. Nonetheless, it would be harmful if debt levels unexpectedly increased.

With an emphasis on the recovery of crop protection demand, Jefferies predicts a possible uptick in demand during the second half of fiscal year 2025 (2HFY25E). Inventory rationalization is anticipated to continue through the first half of 2024, at which point growth is predicted to return to historical trends by the conclusion of the calendar year.

The markets regulator, Sebi, intends to only make modifications to regulations where there is an urgent risk since it is aware that frequent rule changes may produce tiredness.

Indians ordered 6.5 million meal deliveries online on New Year’s Eve 2023, an increase of 18% over the previous year. Orders on Zomato’s app hit a record high, the company said, with an estimated 3.2 lakh delivery partners using its quick-commerce and food-delivery platforms.

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