Sensex rises up 442 points during morning trading, on strong global signals

In the morning trade, domestic equity market indexes continued to rise, following Monday’s strong global cues. The US Federal Reserve may decide to raise interest rates the following month. With the fourth quarter GDP expected this week, it is projected that FY23’s GDP would be higher than 7%.
In Monday’s morning session, the 30-share Sensex increased by 442 points to 62,943.92 and the NSE Nifty 50 by 117 points to 18,616.15. The NSE Nifty 50 index’s top gainers were the HDFC twins, M&M, SBI Life, and IndusInd Bank. At 44,278 the Bank Nifty reached a new record high.
In the Asian markets, Hong Kong’s Hang Seng dropped 80 points, Japan’s Nikkei surged 409 points, Thailand Set rose 8 points, S&P ASX gained 77 points and China’s Shanghai gained 4 points.
In the US markets, Nasdaq gained 227 points, Dow Jones surged 328 points, NYSE gained 102 points and S and P/BMW gained 280 points.
In the European market, Amsterdam Exchange, CAC, Deutsche Borse, Madrid SE and BEL were trading in the positive territory and FTSE 100 gained 56 points.
On Monday, the local currency opened flat against the dollar. Rupee opened at 82.58 versus the US dollar, in comparison to the previous closing of 82.57 versus the dollar.
India’s overall foreign exchange reserves declined USD 6.05 billion to USD 593.477 billion in the week that ended on May 19, 2023, data released by the Reserve Bank of India on Friday showed. Last week, it was near USD 600 billion and had hit a one-year high.
India’s foreign currency assets, the biggest component of the forex reserves, declined by USD 4.65 billion to USD 524.945 billion.
The domestic institutional investors (DII) turned net buyers on Friday with Rs 1,840.98 crore and foreign institutional investors were also buyers with Rs 350.15 crore.
Oil prices rose in early Asian trade on Monday after a tentative debt ceiling deal was seen in the US. Brent crude futures climbed 39 cents, or 0.5 per cent, to USD 77.34 a barrel by 2317 GMT.