The Share Market Today

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The share market today saw a range of strong performances across different sectors. Oil marketing companies led the rally, boosted by higher crude oil prices. Tata Steel rose 1%, after Moody’s upgraded its outlook to ‘positive’ from’stable’. Similarly, IRCTC rebounded from a 12% fall earlier in the month, as it recovered from the disruptions caused by the Agnipath scheme protests. BPCL advanced 3% amid a rally in crude oil prices and supply constraints caused by political unrest in Libya. In the IT sector, HCL Tech extended gains after Motilal Oswal reiterated its positive outlook on the sector.

Some of the biggest losers of the day include Mahindra, Infosys, and NTPC. Other top gainers included Bajaj Finserv and IndusInd Bank. However, there was not much of a recovery in Asia’s share markets, and most sectors ended in the red, despite a relief rally.

Next week, the focus will turn to the health of the economy, as key macroeconomic data will be released. Key releases will include consumer confidence and durable goods orders. If these reports are strong, it would suggest that revised expectations of more aggressive Fed tightening are fully priced into the stock market. In the meantime, investors should remain cautious, as markets could dip further.

Meanwhile, in Asia, the broader Sensex index edged down 0.2 percent while the Australian market shed 0.5 per cent. Moreover, the Kospi index in South Korea slipped by 0.6 per cent. This came amid concerns over rising raw material costs.

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