Monday, May 20, 2024

Stock Market Today: Sensex rises over 200 points on strong domestic cues


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Shillong, May 2: The Bombay Stock Exchange (BSE) Sensex gained more than 200 points on Thursday on strong domestic cues.

Among the Sensex stocks, Powergrid was up more than 3 per cent while Tata Motors, Asian Paints, Sun Pharma, Tata Steel, M&M, Nestle India, HDFC Bank were up more than 1 per cent.

BSE Senses was trading at 74,739 points, up by 256 points.

V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services said as trading for May begins there are mixed cues for the market, but broadly positives outweigh negatives. The Fed commentary is cautious.

“It is certain that the number of rate cuts this year, if at all that happens, will be far lower than initially expected. This is a headwind for global equity markets,” he said.

He added that the domestic cues are strongly positive.

The GST collection for April setting a record of Rs 2.1 trillion indicates a booming economy. India’s GDP is estimated to have grown by 7.6 per cent in FY24 and is expected to continue the growth momentum with above 7 per cent growth in FY25, too, he said.

“In April while the S&P 500 is down by 4.2 per cent, Nifty is up by 0.7 per cent. This outperformance can continue,” he said.

The sharp 5 per cent decline in crude is negative for ONGC and positive for tyres, paints and adhesives which use petroleum as inputs, he added. (IANS)


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