First Published Dec 5, 2022, 4:08 PM IST
Today, the chief ministerial day of the week, there was a sharp fluctuation in the national stock market in Mumbai. Sensex falls, Nifty rises.
RBI’s monetary policy meeting will be held on Wednesday. With inflation on the wane, expectations are high on how much interest rates will be raised at this meeting.
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While market experts opined that interest rates could be hiked up to 35 basis points, investors remained cautious and were not interested in buying stocks.
As the US stock market closed lower last Friday, its echoes were seen in the Asian market as well. Despite the positive employment situation in the US, investors remain in the lurch pending a firm announcement from the Federal Reserve.
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The government of China has agreed to relax the strict corona restrictions that have been followed so far. Investors believe the move is a sign the global economy is returning to normal. As a result, there was a mix of ups and downs in the Asian stock market.
As a result, the stock market fell when the morning trading started. There was a lot of volatility in the market as the investors kept on shifting the stocks for profit motive.
At the end of the evening trade, the Sensex ended 34 points lower at 62,834 points on the BSE. The Nifty rose 5 points to settle at 18,701 points on the national bourse.
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Out of 30 major stocks on the BSE, 14 stocks advanced while 16 stocks declined. Tata Steel, NTPC, Powergrid, IndusInt Bank, Asian Paint, ICICI Bank, HDFC, HDFC Bank, Larsen & Toubro, Wipro, Nestlé India were the gainers.
Apollo Hospitals, Tata Motors, Reliance Industries, Tech Mahindra and SBI Insurance fell on Nifty. Shares of Hindalco, Tata Steel, UPL, ONCG, Coal India rose.
Automobile, IT, pharma stocks were oversold on Nifty. Public sector banking, real estate and metal stocks were overbought
Last Updated Dec 5, 2022, 4:08 PM IST