Share/Stock Live Updates: The frontline equity indices on the BSE and National Stock Exchange (NSE) added to their morning gains and were trading over 0.5 per cent during the early afternoon on Tuesday taking cues from their global peers led by record-setting US stocks.
At 12:32 pm, the S&P BSE Sensex was trading 412.27 points (0.70 per cent) higher at 59,595.49 while the Nifty 50 was up 103.70 points (0.59 per cent) at 17,729.40.
On the Sensex pack, NTPC, State Bank of India (SBI), PowerGrid Corporation of India, Hindustan Unilever, Bharti Airtel and Maruti Suzuki India were the top gainers in the afternoon trade. On the other hand, Ultratech Cement, Sun Pharmaceutical Industries, IndusInd Bank and Infosys were among the laggards.
The benchmark equity indices on the BSE and National Stock Exchange (NSE) kicked off 2022 with a bang as they surged around 1.6 per cent on the first trading session of the year on Monday led by a rally in banking and financial stocks.
The S&P BSE Sensex rallied 929.40 points (1.60 per cent) to settle at 59,183.22 while the Nifty 50 rose 271.65 points (1.57 per cent) to end at 17,625.70.
Equity market at open
Sensex rises 230.75 points to 59,413.97 in early trade; Nifty gains 80.40 points to 17,706.10.
Global market update
Asian stocks were firmer on Tuesday following Wall Street’s record highs on its first trading day of 2022, despite worries that the widespread Omicron COVID-19 variant could put the brakes on global economic recovery.
MSCI’s gauge of Asia Pacific stocks outside Japan was up 0.67% in the morning sessions.
Australia’s S&P/ASX 200 climbed 1.15%, boosted by energy and mining stocks while Japan’s Nikkei 225 gained 1.25%.
Hong Kong’s Hang Seng Index and China’s benchmark CSI300 Index opened up 0.5% and 0.25%, respectively.
Major Wall Street indexes scored record closing highs on Monday, even as the Omicron variant of the coronavirus pushed COVID-19 cases to fresh peaks in the world’s largest economy.
ONGC gets first woman CMD
ONGC’s Director of Human Resources Alka Mittal on Monday took over additional charge of Chairman and Managing Director (CMD) of the company, becoming the first woman to hold the post at the Maharatna company. Mittal replaces Subhash Kumar who superannuated on December 31.
Mittal took over as Director — HR of Oil and Natural Gas Corporation (ONGC) in December 2018 and was also the first woman to hold the post of a full-time director on the board of ONGC.
Rupee falls 26 paise to 74.54 against US dollar in early trade
The rupee declined by 26 paise to 74.54 against the US dollar in opening trade on Tuesday, tracking the strength of the American currency in the overseas market.
Forex traders said growing concerns over the Omicron variant of coronavirus and its impact on economic recovery as well as firm crude oil prices weighed on the local unit.
At the interbank foreign exchange, the rupee opened weak at 74.49 against the US dollar, then fell further to 74.54 against the greenback in early deals, registering a decline of 26 paise from the last close. On Monday, the rupee settled at 74.28 against the US dollar.
Moody’s assigns Baa2 rating to RIL’s $5 billion bonds issue
Moody’s Investors Service on Tuesday assigned a Baa2 rating to the proposed USD-denominated senior unsecured bonds of Reliance Industries Limited (RIL), with stable outlook.
Reliance last week said it will raise as much as USD 5 billion in foreign currency denominated bonds and use the proceeds to retire existing borrowings.
Shopping on social media seen hitting $1.2 trillion by 2025
Shopping on social networks such as Facebook, TikTok and WeChat is going to grow three times faster than sales from traditional channels over the next three years, according to a study released by Accenture.
Social commerce, defined as transactions that take place entirely within the context of a social-media platform, will reach $1.2 trillion by 2025, up from $492 billion in 2021, the consulting company said in the report. The trend is being driven primarily by Gen Z and Millennial consumers, who are expected to account for 62% of the spending.
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