New Delhi: Domestic equity markets kicked off the new week with mild gains on Monday despite the mixed cues from global peers after the US reported better-than-expected jobs data over the weekend.
Traders are awaiting inflation numbers in the world’s largest economy which are slated for release later in the week. Along with this, tensions between China and Taiwan and recession buzz will be keenly tracked by the traders across the globe.
The 30-share pack BSE Sensex added 47 points or 0.08 per cent to 58,435, whereas its NSE’s peer, Nifty 50, gained 11 points or 0.07 per cent to race past 17,400 mark.
Broader markets, BSE midcap and smallcap indices, were also in line with the headline peers, but India VIX spiked more than 6 per cent to top 20-levels during the early trading hours.
Among the sectors, BSE Bankex, BSE oil and gas and metal index dropped about a per cent each. On the other hand, metal, autos and capital goods indices rose the most.
“A paradox in the economy-market connect is that good news on the economy can turn out to be bad news for markets. This is playing out now,” said V K Vijayakumar, Chief Investment Strategist at
.
“Strong jobs data indicates a strong economy nowhere near recession. This means the Fed might hike rates by another 75 bp in September to cool the economy to contain inflation, he added. “There can be a near-term strengthening of the dollar.”
On the Nifty 50 index,
and Mahindra & Mahindra jumped 2 per cent each, followed by , and .
Among the losers, Bharat Petroleum plunged more than 4 per cent, whereas
tanked over 3 per cent. , and were also down by half a per cent each.
New age companies including
and rose 4 per cent each after upbeat earnings in the June 2022 quarter, whereas recently listed and Tarson Products plunged over 13 per cent after poor Q1 performance.
In the broader markets, Apex Frozen, Avant Feeds and
jumped between 7-13 per cent each. On the other hand, Sudarshan Chemicals, Indostar Capital and plunged up to 11 per cent.
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