Stock Market Update Today : Domestic stock markets also opened with gains on Tuesday amid marginal gains in foreign markets. The major index Nifty-50 is trading higher by more than 150 points at 17,800 level and S&P BSE Sensex is up over 600 points at 59,761 level.
The broader markets also showed similar resilience, with Nifty Midcap 100 and Nifty Smallcap 100 rising over 1 per cent each. The Nifty IT and Nifty Media indices all started in positive territory with gains of over 1 per cent. IndusInd Bank, Tech Mahindra, HCL Technologies, Bajaj Finserv, Infosys were the top contributors to the benchmark indices. Among individual stocks, McLeod Russell’s shares rose more than 9 percent. Besides, shares of Ircon International rose over 3 per cent after the company received a work order of Rs 256 crore from Mahanadi Coalfields.
Investors eye Washington
Investors are now eyeing Washington as the Federal Reserve has an important meeting today and is expected to announce an interest rate hike of 75 basis points. Several other central bank meetings are set to take place this week, with traders betting on further hike in interest rates from these banks to check inflation.
Buying continues in Asian markets
In today’s business, buying is being seen in major Asian markets. At the same time, before the meeting of the US Fed, the US markets have also strengthened. On Monday, the Dow Jones gained 197.26 points and closed at the level of 31,019.68. The S&P 500 index was up 0.69 per cent and closed at 3,899.89. While Nasdaq gained 0.76 percent and closed at 11,535.02.
Brent crude softens
Talking about the oil market, Brent crude remains soft. In the international market, crude is at $ 92 a barrel, while US crude is at $ 86 a barrel. In the US, the 10-year bond yield is at 3.481 per cent. Talking about Asian markets, SGX Nifty is up 0.89 percent, while Nikkei 225 is seeing a gain of 0.42 percent.
The Strait Times is up 0.36 per cent and the Hang Seng is up 1.32 per cent. Taiwan Weighted is up by 0.41 percent, while Kospi is also showing a gain of 0.55 percent. The Shanghai Composite is up 0.47 per cent. Overall, the market seems to be in favor of the buyers.