Sensex jumps to 74,920, Nifty hits 22,730; Banks up, but Auto, Metal, IT, PSB face pressure: Latest Sensex Updates
Get current Sensex and Nifty data here – Sensex is currently stable at 74,920 and Nifty at 22,730. Bank and automobile stocks are performing well, but information technology, public sector banks and metal stocks are not performing so well. Stay updated on the latest stock news through these live updates.
Today, stock exchanges in Asia have progressed following the footsteps of Wall Street. The “Magnificent Seven” tech companies got off to a strong start to the earnings season, setting a positive tone for the day. Equity rounds in South Korea and Japan saw gains, while the Australian market was unchanged.
Despite speculation that the Federal Reserve intends to keep interest rates high for a longer period of time, futures contracts for US stocks remained largely unchanged recently. The steady trajectory of the S&P 500’s month-end rally has contributed to this trend. Defying expectations that predicted a decline due to national holidays, Japanese stocks made a surprising rise today.
Although the yen appreciated after trading at a 34-year low relative to the dollar, rumors circulated claiming that the government artificially boosted the currency’s value.
Despite investors’ concerns about currency intervention, there is a sense of easing tensions as uneasiness over the yen’s depreciation has subsided, according to Rina Oshimo, a senior strategist at Okasan Securities Co. On Monday, the yen experienced considerable volatility, rising more than 2% against the dollar after initially falling 1.2% to 160.17. This marks the largest trading range seen since the end of 2022. However, these advantages continued during the early Asian trade.
Elsewhere in Asia, there are traders examining the possibility that China could resort to drastic and controversial action to revive its flagging economy.
This would require a major devaluation of the yuan at once. Chinese markets will remain closed from Wednesday until next week to shut down Aurus operations.
US 10-year yields held steady on Tuesday after falling five basis points in the previous session. The Treasury raised its forecast for government borrowing in the current quarter to $243 billion, beating most dealers’ expectations. Early Tuesday, bond yields in Australia and New Zealand were seen falling.
Although US financial markets may demonstrate a volatile nature during this week, UBS declares confidence in the current stimulus for US equities.
Increasing investment efforts within artificial intelligence technology, potential regulatory changes from the Federal Reserve in the future and notable gains in revenues support them.
Last week, hedge funds showed strong interest in technology stocks, despite fears that the Fed will not cut interest rates anytime soon. The tech sector enjoyed its biggest net buying since December 2022, according to data from prime brokerage Goldman Sachs Group Inc. Hedge fund investors were encouraged to increase their long investments and buy back short positions.
According to Glenmede analysts Jason Pride and Michael Reynolds, a turnaround in earnings growth is imminent, which will lead to diversification across equity asset classes. Meanwhile, the risk premium for crude oil has fallen as talk over a possible rift in the Middle East has flooded the commodity market. This shortage is the cause of almost two weeks of recession in the oil market. Gold is neutral and unaffected.
Sensex Today Market Update
Indian benchmark indices edged higher on Tuesday, tracking the gains set by global peers, Sensex Today Live updates showed. According to the latest update at 2 pm, the Sensex was up 263.45 points or 0.35% at 74,934.73, while the Nifty was up 0.51% at 22,759.95, up 116.55 points.
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