Stock Market Live Updates: Sensex Surges 900 Pts, Nifty Crosses 17100

Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 started Tuesday’s session on a positive note amid cautious gains in other Asian markets, a day after both headline indices suffered their worst fall since April 2021 triggered by the Russia-Ukraine crisis.

In an exclusive interaction with CNBC-TV18, the Founder of Mobius Capital Partners Mark Mobius said that the growth prospects continue to look up here in India as Indian equities are still in a long-term bull market.

Market veteran Shankar Sharma in a conversation with CNBC-TV18 said that he believes the headline markets in India have been narrating a tale about weakness.

In what is likely to be one of the biggest pharma IPOs in recent times, Mumbai-based Macleod Pharmaceuticals has filed draft papers with Sebi to list on the domestic bourses, according to Moneycontrol.

The stock hit a low of Rs 75.75 on BSE, down 8 percent from its issue price.

Naveen Tewari of InMobi tells CNBC-TV18 the investment from Jio, the digital arm of Reliance Industries, is phenomenal.

Dipan Mehta, Director at Elixir Equities, says corrections are a part of investing, and believes that many new investors are perhaps learning the hard way that corrections do take place and are brutal.

Credit Suisse has an ‘underperform’ rating on Metropolis with a target price of Rs 1,700.

The company is a play on India’s unfolding diagnostics story, according to Morgan Stanley, which has cut its earnings per share estimate for FY23 by 4.8 percent.

Anand James, Chief Market Strategist at Geojit Financial Services, thinks the USD-INR pair is in for some consolidation after the recent large moves.

The positive opening seems like a knee-jerk reaction to the fierce fall of the last two sessions, says Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments.

“The bias still remains on the downside and for the time being, upward market movements are opportunities to look for short-selling signals for a projected target of 16,300-16,400.

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