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Sensex jumps 442 points in morning trade, tracking strong global cues

Mumbai (Maharashtra), [India], May 29 (ANI): Indices of the domestic equities market extended their gains in the morning trade, tracking strong global cues on Monday. There is a possibility that there would be a rate hike by US Federal Reserve the next month. With the GDP for the fourth quarter anticipated this week, it is expected that GDP for FY23 will surpass 7 per cent.

The 30-share Sensex jumped 442 points to 62,943.92 and NSE Nifty 50 surged 117 to 18,616.15 in morning trade on Monday.

The top gainers on the NSE Nifty 50 index were HDFC twins, MM, SBI Life and IndusInd Bank. Bank Nifty hit a fresh record high at 44,278.

In the Asian markets, Hong Kong's Hang Seng dropped 80 points, Japan's Nikkei surged 409 points, Thailand Set rose 8 points, SP 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. (ANI)