Stock Market News: Sensex Surges 1000 Points As US Fed Calms Nerves

The Sensex and the Nifty gained ground today, with the indices gaining as much as 1.5% in trade on bacl of indications by the US Fed Chair, that rates might not be that aggressive going forward. The Sensex was up 1000 points, while the Nifty gained 272 points in trade.

Fresh 52-week low stocks

The top 5 stocks to reach 52-week low level on NSE are ICICI Prudential Mutual Fund - ICICI Prudential Silver ETF with a 1.98% gain, Panacea Biotec Limited with a 0.16% intra day gain, GlaxoSmithKline Pharmaceuticals Limited with a 2.64% fall, and SPICEJET LTD with a 5.22% fall today.

Fresh 52-week high stocks

The top 5 stocks to reach 52-week high level on NSE in intra day trading are Dangee Dums Limited gaining by 9.51%, Astra Microwave Products Limited with a 6.01% gain, Campus Activewear Limited with a 7.35% gain, Fiem Industries Limited with a 5.07% gain, and International Constructions Limited with a 4.99% gain. Additionally, Adani Total Gas Limited also reached a fresh 52-week high-level gaining by 0.67% in the intra day trading.

Top 3 Nifty 50 gainers

Top 3 Nifty 50 gainers are Bajaj Finance with a 9.11% gain, Bajaj Finserve with 8.92% gain, and Tata Steel with a 5.11% gain. However, Dr. Reddy fell by 1.32% in the mid trading hour today, to become a top loser.

Commenting on today's market trend, Mr. Rajiv Shastri, Director, and CEO - NJ AMC told the media, "The rate hike by the US Federal Reserve is as expected. The quantum will not be replicated in India since the US and Indian economies are very differently positioned. The Federal Reserve was well behind the curve and is trying to catch up and subdue inflation which threatens to become systemic. In India, the RBI has stayed ahead and as a result, we don't see policy rates in India increasing as much as in the US. As such, the impact on the Indian equity markets will be limited to the spillover from the US markets with domestic conditions remaining neutral at the moment. Investors need not respond to this as these are transitory conditions and will resolve themselves in time. The Indian economy is poised for a long period of growth and acting on such transitory impulses may deprive investors of the long-term benefits that are expected to accrue."