Sensex Rises Over 100 Points, Nifty Above 16,450 After RBI Hikes Repo Rate By 50 Basis Points

At 9:16 am, the BSE Sensex was up 85 points or 0.15 per cent at 55,192, whereas the Nifty 50 index surged 43 points or 0.26 per cent at 16,459.

Outlook Business Team

Updated on: 8 June 2022 11:15 am

Barring the stocks of auto, FMCG consumer durables, and oil and gas all other sectoral indices witnessed strong buying with banking and realty stocks leading the pack. The Nifty Midcap 50 index surged 0.51 per cent at 7,659, whereas the Nifty Midcap 100 index surged 0.27 per cent at 27,880.

Amongst the Nifty 50 companies, Bajaj Finance, Bajaj Finserv, SBI, Coal India, and Tata Steel were the top gainers, whereas UPL, Reliance Industries, Cipla, Asian Paint, and Britannia were the top losers. Amongst the BSE listed companies, Bajaj Twins, SBI, Tata Steel, NTPC, HDFC Twins, Kotak Bank, Induslnd Bank, ICICI Bank, and Axis Bank, were the top gainers, whereas Reliance Industries, Nestle India, Asian Paint, Bharti Airtel, Hindustan Unilever, ITC and Infosys were the top losers.

Meanwhile, the major Asian indices were trading higher on Wednesday. Japan’s Nikkei 225 was trading 0.98 per cent higher. While the Hang Seng index traded 1.77 per cent higher, South Korea’s KOSPI surged 0.36 per cent. China’s Shanghai Composite surged 0.34 per cent, whereas Shenzhen Component was up 0.38 per cent.

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Notably, the major indices in the US were trading higher on Tuesday led by technology stocks. The S&P surged 39.25 points or 1 per cent to 4,160, whereas the Dow Jones Industrial Average was up 264 points or 0.8 per cent to 33,180. The Nasdaq Composite rose 113.86 points or 0.9 per cent to 12,175.

Back home, the foreign institutional investors (FII) continued to remain the net sellers worth Rs 2,293 crore whereas the domestic institutional investors remained the net buyers worth Rs 1,311 crore on Tuesday. The Indian Rupee declined 12 paise to close at 77.78 against the US Dollar on Tuesday.

Crude oil prices were trading higher on Wednesday as the relaxation of Covid-19 curbs in major Chinese cities fuelled the recovery of the oil demand. The Brent crude futures for August surged 22 cents 0r 0.2 per cent at $120.79 per barrel.

NMDC, Hindustan Copper, Indian Hotels, PB Fintech, RITES, Zydus Lifesciences, Aster DM Healthcare, and Bank Of Maharashtra are the stocks in focus on Wednesday.