With the US stock market closing at a record high, investors are eager to cash in on the rally. The US stock market, also known as Wall Street, has seen several frenzied investors dump their stocks in fear of aggressive interest rate hikes. Concerns about China’s economy have also weighed on sentiment. The global MSCI share index, which tracks shares in 47 countries, fell 0.4 per cent in the day’s trading.
Among the top performing stocks in the market today are power companies like ONGC and CDSL. ONGC stocks have gained 3% on the back of green energy investments. Shares of Bharti Airtel rose ahead of the record date for its final dividend. Besides, the stock of power company Adani Power closed 2% higher on the back of a rally in power stocks. Therefore, these stocks are likely to see gains.
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AMD added 5% to its price on the day, thanks to short covering in the tech sector. The ARK Genomic Revolution ETF and the ARK Innovation ETF rose 3%, extending their gains. After the semiconductor rally, Cloudflare shares surged 9%, and the ProShares Semiconductors ETF increased by 2%. Further, Freshworks extended its gains following the announcement that it had strengthened its alliance and partner teams in Latin America.
The top gainers in the Nifty 50 were Mahindra & Mahindra (M&M), Maruti Suzuki India, and Hindustan Unilever. Top losers were Larsen & Toubro and UPL. Asian share markets slumped on heightened fears over the global economy. The Nikkei fell 1.2 percent by midday break, while the MSCI index shed 0.3 per cent. However, the Nifty 50 index rose by 1.77 per cent.