MARKET UPDATE:Sensex rose 500 points to 56,313, and the Nifty gained 120 points to 16,760
Published On: Thursday, July 28, 2022 | By: Team KnowMyStock
OPENING BELL: The Indian markets perked up today(28 July 2022), opening firmly higher after the US Fed hinted at slowing down rate hikes eventually, which lifted global stocks. The BSE Sensex rose 500 points to 56,313, and the NSE Nifty50 gained 120 points to 16,760. All Sensex stocks opened higher. Bajaj Finance led gains on the index, up over 5 percent. Bajaj Finserv moved 4 percent higher. Tata Steel, IndusInd Bank, Infosys, Wipro, Axis Bank, and Kotak Bank were the other notable winners. On the downside, Dr. Reddy's and Sun Pharma came under pressure, slipping up to 2 percent. Bharti Airtel, ITC, and Nestle were also subdued. In the broader markets, Nifty500, Nifty MidCap 50, and Nifty SmallCap 50 also sat in green, up to 0.7 percent higher.
Sector-wise, Bank, Financials, and IT indices on the Nifty led gains, moving over 1 per cent up. While Auto and Pharma pockets suffered losses.
Among stocks, Biocon shed over 5 per cent despite posting a 71 per cent YoY increase in consolidated net profit to Rs 144 crore in Q1FY23.
Tata Motors slipped around 3 per cent after its Q1 consol loss widened more than expected to Rs 5,007 crore as compared to Rs 4,451 crore a year earlier.
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