23 May , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets started Monday’s session moving between gains and losses. S&P BSE Sensex rose 250 points to breach 54,600 while the NSE Nifty 50 index was above 16,300. Soon the indices trimmed gains and turned red, only to once again soar higher. Bank Nifty rose 0.60% while India VIX was in green, sitting above 23 levels. Maruti Suzuki India was the top gainer, up 4%, followed by Mahindra & Mahindra, and Asian Paints. Tata Steel nosedived 10% while ITC was down 1.8%.
The outflow of funds from domestic markets has continued as Foreign Portfolio Investors (FPI) remain net sellers. So far in the month of May, FPIs have pulled out Rs 37,216 crore as headwinds such as tighter monetary policy and rising inflation force investors towards safer havens. With this, net outflow by FPIs from equities has reached Rs 1.65 lakh crore so far in 2022. “The major factor behind the relentless FPI selling is the appreciation of the dollar which has taken the dollar index above 103. Also, India is the major emerging market where FPIs are sitting on big profits and the market is very liquid to absorb FPI selling,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He added that FPI selling is likely to continue.
Nifty Metal index slumped 7.57% on Monday morning with Jindal Steel and Tata Steel falling 14% and 13%, respectively.
“Technically speaking, both the bulls and bear will return to their previous rightful places (bulls all around and the bears nowhere to be seen) only if Nifty closes above its biggest hurdles at the 16411 mark. A close below 15951 mark will spell trouble for Nifty bulls,”
Equity benchmark Index bounced back the first time in six weeks, aided by the surge in index heavyweight Reliance Industries, Auto and metal stocks. The five-week losing streak that ended on May 13 was the longest in two years. Sensex jumped 1,533 points or 3 per cent to close at 54,326. While the broader NSE Nifty settled 484 points or 3.20 per cent higher at 16,266. Sentiment boosted on account of impressive quarterly results, the hope of a good monsoon, improved macro data and positive commentary from the Finance Minister on Indian economic growth. Among the front of the global market, US markets fell 3% while the Asian market soared after the People’s Bank of China cut a key interest rate for long-term loans by a record amount. Moreover, the fall in US Bond Yield and Dollar Index from a 2-year high boosted market sentiment.
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