Sensex ends 450 pts higher, Nifty 150 pts; Auto, Metal, FMCG shine
By the livemint.com
A pessimistic mood further tightened its grip in Asia as central bankers seem to keep fighting inflation as their main task and push the economy into recession. Tokyo, Hong Kong, and Shanghai all ended in the red on Monday.
European markets saw some bargain hunting and seemed stable in the morning session.
Indices surged on Monday with Sensex climbing 450 points and Nifty 150
Indian indices registered a healthy gain despite negative global cues and fear of recession gripping the market.
The indices started on a flat note but caught momentum soon and closed around 0.8% higher.
Sensex jumped 470 points and closed at 61,806, while Nifty closed the day at 18,420, a climb of 150 points.
IT index struggled after global giant Accenture Plc on Friday warned about a possible pullback in client spending.
Auto, Metal, and FMCG indices remained strong throughout the day, while the PSU Bank index was hit with volatility and kept moving in and out of positive territory.
Adani Ports surged 4% followed by M&M, Adani Enterprise and Eicher Motors, each jumping around 3%. IT stocks dragged with Infosys and TCS leading the downward trend. ONGC, Tata Motors and IndusInd Bank also featured among the laggards.
Asian markets struggled on Monday following losses in New York, fuelled by recession concerns as central banks ramp up interest rates to fight inflation.
Japan’s Nikkei share average closed at a six-week low on Monday while banks’ stocks rose on speculation of a domestic interest rate hike.
The Nikkei index fell 1.05% to close its lowest since Nov 4 in its third straight session of declines. The broader Topix slipped 0.76%.
China stocks saw their worst day in seven weeks as concerns over surging COVID-19 cases disrupting economic activity outweighed hopes from the government’s policy support.
The blue-chip CSI 300 Index lost 1.5% at the close, while the Shanghai Composite Index plunged 1.9. Hong Kong’s Hang Seng Index and the Hang Seng China Enterprises Index lost 0.5% each.
European shares edged higher on Monday boosted by energy firms, after a bruising selloff last week sparked by growing fears of a recession.
The region-wide STOXX 600 index was up.
Net leasing of office space likely to rise 41-49 pc across 7 cities in 2022
Net leasing of office space is likely to rise by 41-49 percent across seven major cities this year on a lower base and improved demand post-pandemic, according to JLL India.
Net absorption or leasing of office space stood at 26.2 million square feet in 2021, and it is likely to be in the range of 37-39 million square feet this year across seven cities — Bengaluru, Delhi NCR, Chennai, Hyderabad, Kolkata, Mumbai and Pune.
Nevertheless, the net office leasing will remain lower than the record absorption achieved in 2019 — the pre-COVID year — at 47.9 million square feet.
Real estate consultant JLL India calculates net absorption as the new floor space occupied less floor space vacated.
Floor space that is pre-committed is not considered to be absorbed until it is physically occupied. (PTI)
Sugar output up 5pc during Oct 1-Dec 15, 2022 period; mills contract for 45-50 lakh tonnes exports so far
Sugar production has increased 5 percent to 82.1 lakh tonnes between the October 1 and December 15 period of this marketing year, while mills have contracted to export 45-50 lakh tonnes of sweetener, industry body ISMA said on Monday.
The sugar marketing year runs from October to September.
The production of sugar stood at 77.9 lakh tonnes in the corresponding period of the 2021-22 marketing year.
“As per port information and market reports, about 45-50 lakh tonnes of contracts for the export of sugar have already been entered into so far.
Out of that, about 6 lakh tonnes of sugar have been physically exported out of the country up to 30th November,” Indian Sugar Mills Association (ISMA) said in a statement. (PTI)
