Stock Market Today: Sensex drops for 3rd session amid COVID-19

Indian indices of Stock Market Today began in the green, and then dropped by half a percent. While the BSE Sensex fell 254 points to 60,812, the NSE Nifty 50 finished 0.4% down at 18,113. Bank Nifty closed in the red, below 42,500. The majority of Sensex equities ended in the red, with Bajaj Finserv, M&M, IndusInd Bank, and Tata Motors suffering the worst losses. All indices finished in the red in the wider markets, with the NSE Microcap 250 losing the most, falling 2.45%. Except for the Nifty IT, all sectoral indexes finished down in trade. The Nifty PSU Bank and the Nifty Auto both fell 1.23% and 1.11%, respectively in Stock Market Today.

Stock Market Today
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Gold in Stock Market

The yellow metal, the gold has increased just little (0.5-1%) in dollar values this calendar year. In rupee terms, it has increased by more than 11%. In a low-interest-rate environment, gold is quite appealing. Since the US Federal Reserve and other major central banks began raising interest rates in May 2022, gold has begun to lose value. Rising interest rates, hawkish statements, and the withdrawal of cheap liquidity diminished gold’s investment appeal.

We anticipate that gold prices will trend sideways through H1CY23. Festive consumption and a pause in global central banks’ rate-tightening strategy will drive gold demand in H2CY23. A break in the rate hiking cycle will cause the USD to weaken, making gold and silver more affordable. Gold is a global commodity that is largely traded in US dollars. As a result, the USD’s trajectory affects the pricing of these precious metals. Around CY23, gold is expected to trade in the $1900-1975 range, or Rs 55,000-57,000 in INR terms.”


Nifty 50 Gainers & Losers

The top gainers of the Stock Market Today on the Nifty 50 were Sun Pharma, SBI Life, Ultra Tech Cement, Grasim, and Asian Paints, while the top losers were UPL, M&M, Bajaj Finserv, Eicher Motors, and IndusInd Bank, with UPL finishing 3.5% down.

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