Stock Market LIVE: Sensex crosses 60k, adds 375 pts; PSU Bank, IT, Media shine

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Stock Market LIVE: Sensex crosses 60k, adds 375 pts; PSU Bank, IT, Media shine

Stock market today: Markets to keep an eye on tightening monetary policy .Share Market LIVE Update: Indices ended the day on a bright note with Sensex and Nifty managing to cross the psychological barrier of 60,000 and 17,900 mark, respectively. Sensex closed 420 points up, while Nifty added around 100 points. Twin Bajaj finance stocks gained the most and M&M lagged.

Traders have kept aside the worries of darkening economic outlook amid high inflation and tightening monetary policy for now. Wall Street got a boost from robust earnings from US retailers on Tuesday and ended with gains but tech stocks lost ground. Asian markets also followed suit and are trading in the green on Wednesday

GIC Housing Finance to issue 3-month CP -traders

GIC Housing Finance Ltd plans to raise funds selling commercial papers maturing in three months, three merchant bankers said on Wednesday.

The housing finance company will offer a yield of 6.28% on this issue, and it has received commitments worth around 1.50 billion rupees ($18.88 million), the bankers said.

The notes are rated A1+ by ICRA and will mature on Nov. 18.

Market Comments

Brokers on markets: Indian markets opened on positive note following positive overall Asian markets following better-than-expected export figures in Japan. During the afternoon session, the sentiments continued to remain optimistic and markets further added to the strength with buying seen in Banks, Financials, IT and consumer Durables.

 Brent crude hits fresh 6-month low amid slowdown worries

Crude oil prices continued to trade on a subdued note on Wednesday with Brent futures touching fresh lows amid concerns over a global economic slowdown.

Demand concerns, China’s virus spread and prospect of higher supply from Iran amid progress in US-Iran talks weighed on the crude price, analysts said.

Govt projects record foodgrain production, lower wheat output in 2021-22 crop year

India’s wheat production is projected to have declined nearly 3 per cent to 106.84 million tonnes while the overall foodgrain production is estimated to have touched record 315.72 million tonnes in the 2021-22 crop year. The wheat production is estimated to have declined due to heatwave that resulted in shrivelled grains in the northern states of Punjab and Haryana.

Releasing the fourth advance estimate for the 2021-22 crop year, the Union agriculture ministry on Wednesday said a record output is also estimated for rice, maize, gram, pulses, rapeseed and mustard, oilseeds and sugarcane. The crop year 2021-22 was from July 2021 to June 2022.

The country’s overall foodgrain production is estimated to be record 315.72 million tonnes in the crop year that ended in June 2022, according to the ministry.

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