ANI
23 Jun 2022, 10:07 GMT+10
New Delhi [India], June 23 (ANI): After a substantial slump in the previous session, domestic equity benchmark indices opened on Thursday on a positive note.
Sensex slumped 709 points the previous session, dragged by a selloff in heavyweight Reliance Industries shares.
"Today, markets are likely to make cautious start amid weak global cues. Traders will be concerned as the Reserve Bank said India witnessed a current account deficit of 1.2 per cent of GDP in 2021-22 against a surplus of 0.9 percent in FY2020-21 due to a wider trade deficit," said Mohit Nigam, Head - PMS at Hem Securities.
There will be some cautiousness as the Minutes of the central bank's meeting showed that the RBI Governor Shaktikanta Das has cautioned that continued high inflation is a major concern for the economy, even as economic activities are gaining traction while voting for a 50 basis points hike in the key interest rate or repo rate to check price rise.
At 9.24 a.m, Sensex was at 51,970.16 points, up 147.63 points or 0.28 per cent, whereas nifty was at15,492.40 points, up 79.10 points or 0.51 per cent.
Among the individual stocks, Apollo Hospitals, ONGC, UPL, Titan, and Power Grid Corporation of India were the top five losers in the morning session, while Hero Motocorp, Bajaj Auto, Bharti Airtel, Tata Motors, and Wipro were the top five gainers, National Stock Exchange data showed.
Notably, domestic indices had declined during the majority of the sessions in June so far. The depreciation in rupee also seemed to have weighed on the equity indices.
"The sentiments have taken a hit amid deteriorating global growth prospects and as the central banks look to act aggressively in their battle against inflationary forces," said Sugandha Sachdeva, Vice President - Commodity and Currency Research at Religare Broking.
"Meanwhile, market participants are looking forward to Fed Chair Powell's two-day testimony to the Congress for further clues as to whether the US central bank is poised to deliver another large rate hike at its July meeting," said Sachdeva, adding that it will provide further cues for the Indian rupee going forward.
Indian currency rupee on Wednesday touched a fresh low of 78.29 per US dollar, primarily due to growing concerns about rising inflation. (ANI)Get a daily dose of Madagascar Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Madagascar Sun.
More InformationNew Delhi [India], March 1 (ANI): Afghanistan's steady rise in international cricket has caught the attention of cricketing greats,...
New Delhi [India], March 1 (ANI): Prime Minister Narendra Modi on Saturday highlighted India's capability to efficiently organize large-scale...
BEIJING, March 1 (Xinhua) -- A selection of the best press photos from Xinhua. A drone photo taken on Feb. 27, 2025 shows the construction...
(250301) -- JUBA, March 1, 2025 (Xinhua) -- A nurse from the International Committee of the Red Cross (ICRC) South Sudan delegation...
New Delhi [India], March 1 (ANI): The Indian Coast Guard Ship Sachet departed for Sudan on Friday, carrying over two tons of life-saving...
ABUJA, NIGERIA — For longtime automotive importer David Tope, Nigeria's auto market has become increasingly difficult. He used to...
MEXICO CITY, Mexico: Three American women were found dead over the weekend at a beach resort in Belize, police said. Officials are...
BANGKOK, Thailand: Chinese authorities said they started live-fire military exercises in the Gulf of Tonkin this week, just days after...
ABOARD THE CHARLES DE GAULLE, Philippines: France's nuclear-powered aircraft carrier and its warships arrived in the Philippines over...
FRESNO, California: Fresno State suspended two of its top men's basketball players last weekend and removed a third player from the...
WARSAW, Poland: Deputy Prime Minister Krzysztof Gawkowski confirmed over the weekend that Poland has been covering the cost of Ukraine's...
Israel sustained the West's support for its slaughter in Gaza for 15 months only through an intensive campaign of lies. It invented...