News Karnataka
Sunday, December 10 2023

Equities rise in early trade; Sensex gains nearly 200 pts

Equities rise marginally after sharp decline
Photo Credit : IANS

New Delhi: After a continued and consistent decline in the recent sessions, India’s key indices — S&P BSE Sensex and NSE Nifty50 — rose in early trade on Wednesday possibly due to value buying.

The recent fall was led by continued selling by foreign institutional investors amid geo-strategic tensions between Ukraine and Russia, said analysts.

“The major impact of the Ukraine crisis in India is the implications on crude at $97. If crude sustains around these high levels, inflation in India is sure to go up, forcing the RBI to revise its FY 23 inflation target upwards and signal withdrawal from the accommodative monetary stance. This would be negative for the growth and earnings perspective,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Higher crude prices are negative for tyre, paints and FMCG segments. Financials, particularly high quality banks, have valuation comfort. IT is likely to exhibit resilience thanks to good earnings visibility.”

At 10.09 a.m., Sensex traded at 57,492 points, up 0.3 per cent or 192 points, whereas Nifty traded 17,150 points, up 0.3 per cent or 58 points.

On the stocks front, Kotak Mahindra Bank, Indusind Bank, Asian Paints, Titan, and Adani Ports were the top five gainers among the Nifty 50 companies during the early trade, up 2.7 per cent, 1.7 per cent, 1.4 per cent, 1.4 per cent, and 1.3 per cent, respectively.

ONGC, Divi’s Labs, Nestle India, Hindustan Unilever, and ICICI Bank, on the other hand were the top five losers, data showed.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Editor's Pick

Find the best odds at 10Cric and IPL Betting 2023! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp