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Opening Bell: Nifty tops 16,500 led by strong rally in IT stocks; Infosys up 3%

Opening Bell: Nifty tops 16,500 led by strong rally in IT stocks; Infosys up 3%

Opening Bell: Nifty tops 16,500 led by strong rally in IT stocks; Infosys up 3%
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By CNBCTV18.com May 30, 2022 9:52:46 AM IST (Published)

Opening Bell: Sensex, Nifty rose over 1 percent in opening deals on Monday, taking cues from the global markets. Asian shares traded higher today, in line with the positive trend on Wall Street. In the broader market, the BSE MidCap and SmallCap indices gained 1.4 percent.Amid sectoral indices, Nifty IT index added 2.5 percent. All other major indices were also trading in the green.

Indian equity benchmark indices rose over 1 percent on Monday, riding on a firm global momentum.

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The 30-scrip S&P BSE Sensex gained 607.16 points or 1.11 percent at 55491.82, and the broader Nifty jumped 167.50 points or 1.02 percent higher at 16,520.
Infosys, up 3 percent, was the major gainer on the Sensex index, followed by HCL Tech, Wipro, Titan, Ultratech Cement, Tech M, M&M, RIL, TCS, and HDFC.
In the broader market, the BSE MidCap and SmallCap indices gained 1.4 percent.
Amid sectoral indices, Nifty IT index added 2.5 percent. All other major indices were also trading in the green.
Among individual shares, 3M India surged over 15 percent after the company reported total income of Rs. 934.8062 crores during the period ended March 31, 2022. The company's net profit was Rs. 110.91 crores.
Unichem Labs added 18 percent on dividend bounty of Rs 4 per share. The company also posted net profit of Rs 71.5 crore in the quarter ended March 2022 as against a loss of Rs 91 lakh during the last period.
Global Markets
Asian stocks followed Wall Street higher on Monday, while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in the US monetary tightening, albeit after sharp hikes in June and July.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 percent to a three-week high. Japan's Nikkei climbed 1.3 percent and South Korea rose 0.9 percent.
Wall Street closed sharply higher on Friday as signs of peaking inflation and consumer resilience sent investors into the long holiday weekend with growing optimism that the Federal Reserve will be able to tighten the monetary policy without tipping the economy into recession.
The S&P 500 gained 2.47 percent to 4,158.24 and the Nasdaq Composite added 3.33 percent to 12,131.13.
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