Stock Market India: Sensex edges up over 50 pointsIndian equity benchmarks showed modest rise on Tuesday, extending their winning streak for the eighth straight session, sparked by a Wall Street rally on hopes the Federal Reserve may be closer to the end of its aggressive rate hikes policy. Still, lower Asian peers on Tuesday limited the appeal as weakness in Chinese shares, and the yuan overshadowed early gains.The 30-share BSE Sensex index rose a modest 60.64 points to 59,892, and the broader Nifty-50 index rose 27.05 points to 17,757.80, extending a seven-day winning streak, including Monday’s one-hour Muhurat trading window.Maruti, Dr. Reddy’s, ICICI Bank, UltraTech Cement, Tata Steel, Mahindra & Mahindra, Tech Mahindra, and Larsen & Toubro were some of the top gainers in the Sensex pack.IndusInd Bank, Nestle, Power Grid, Hindustan Unilever, and Bajaj Finserv were the laggards. Equity benchmarks showed robust gains, rising to one-month highs during the Muhurat trading hour on Monday to mark the beginning of the Hindu Samvat year 2079, with the Sensex index rising 524.51 points, or 0.88 per cent, to close at 59,831.66. The Nifty index advanced 162.15 points, or 0.92 per cent, to end at the first session of the beginning of Hindu Samvat year 2079 at 17,738.45.MSCI’s broadest index of Asian shares fell to 427.4 points, its lowest level since April 2020. The significant declines in Hong Kong shares have contributed to the Asian benchmark’s losses of close to 32 per cent so far this year, which have outpaced gains in emerging markets like India and Indonesia due to improved growth forecasts.After Xi Jinping’s new leadership team stoked concerns that a more potent Party leadership will prioritise the state at the expense of the private sector, Chinese markets sank even further on Tuesday.Due to worries that Xi’s power grab could hinder the economy and disrupt geopolitics, the offshore yuan dropped to its lowest level since trading began twelve years ago. After China’s central bank set the official fixing rate for the currency at its lowest level in 14 years, the drop continued.Elsewhere in markets, The price of oil was steady as traders evaluated the short-term supply constraints on the crude market and the widespread demand for risky assets, including commodities. Asia had stable gold prices as well.
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