Sensex Jumps 583 pts; Nifty Tops 17,550; Nykaa Rallies 8%

Sensex Today: Market bulls moved from strength to strength on Wednesday as financial services surged a day ahead of the Reserve bank of India’s (RBI’s) interest rate decision. The S&P BSE Sensex jumped 583 points, or 0.99 per cent, to end at 59,689 levels. The Nifty50, too, surpassed the 17,550-mark to settle at 17,557, up 159 points or 0.9 per cent.

Larsen and Toubro (L&T) was the top Sensex gainer today, up nearly 4 per cent, after the company announced it won mega orders for its hydrocarbon business.

HDFC twins, ITC, Sun Pharma, TCS, Titan, Bajaj Finance, HCL Tech, Asian Paints, and Infosys were the other top gainers.

In the broader markets, the BSE MidCap settled 0.1 per cent up, while the BSE SmallCap index climbed 0.9 per cent.

Global Cues

Stocks struggled to make headway on Wednesday, the dollar nursed losses and bonds clung to gains, as signs of a slowing U.S. labour market made investors nervous about the economic outlook, while a bigger-than-expected rate hike lifted the kiwi dollar.

Tokyo stocks opened lower Wednesday as weaker US jobs data drove down New York shares, while the yen’s strength also weighed on the market.The benchmark Nikkei index fell 0.61 per cent or 171.60 points to 28,115.82 while the broader Topix index lost 0.79 per cent or 16.07 points to 2,006.69.

Wall Street closed lower on Tuesday after evidence of a cooling economy exacerbated worries that the Federal Reserve’s campaign to rein in decades-high inflation may cause a deep downturn.

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