Stock Market Today: Sensex, Nifty End At Two-Week High After Five-Day Winning Streak
Sensex closed up 44 points or 0.25% at 60,300.58 while Nifty was higher by 44 points or 0.25% at 17,813.60.
KEY HIGHLIGHTS
Yield On The 10-Year Declines
The yield on the 10-year bond closed 2 bps lower at 7.11% on Wednesday. It closed at 7.13% on Tuesday.
Source: Bloomberg
Indian Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 15 paise to close at 81.77 against the U.S. dollar on Wednesday.
It closed at 81.92 on Tuesday.
Source: Bloomberg
Sensex, Nifty Rise For The Fifth Consecutive Day
Indian equity benchmarks recovered early losses to hold gains and advance for the fifth consecutive session in trade on Wednesday. While realty and FMCG led the gains, metal stocks declined in trade. The headlines indices rose to its highest level since April 13, as Nifty surpassed the 17,800 mark, whereas Sensex was above 60,300 level.
U.S. equity futures gained as strong earnings from tech majors Alphabet Inc. and Microsoft Corp. after the Wall Street close offered investors some reassurance amid continued concerns over the health of the economy.
Contracts on the S&P 500 climbed about 0.3% after the index fell the most in a month Tuesday, driven in part by First Republic Bank’s 49% plunge. Nasdaq 100 futures were up more than 1%. Google parent Alphabet and Microsoft both rose in premarket trading.
In Europe, stocks declined more than 1% amid disappointing earnings. Software producer Dassault Systemes sank more than 6% after missing revenue estimates.
The S&P BSE Sensex Index closed up 44 points or 0.25% at 60,300.58 while the NSE Nifty 50 Index was higher by 44 points or 0.25% at 17,813.60.
IndusInd Bank Ltd., Hindustan Unilever Ltd., Nestle India Ltd., Larsen & Toubro Ltd., Power Grid Corp of India Ltd., and Axis Bank Ltd. were positively adding to the change.
Whereas, Bajaj Finserv Ltd., Bajaj Finance Ltd., Hindalco Industries Ltd., Kotak Mahindra Bank Ltd., JSW Steel Ltd., and Reliance Industries Ltd. were negatively contributing to the change in the Nifty 50 Index.
Adani Group company stocks ended mixed, with Ambuja Cements Ltd., ACC Ltd., Adani Power Ltd., Adani Wilmar Ltd., and Adani Enterprises Ltd. rising, while all the other group stocks declining in trade.
The broader market indices ended higher; S&P BSE MidCap Index was up by 0.27%, whereas S&P BSE SmallCap Index was higher by 0.34%.
Sixteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Energy, S&P BSE Healthcare, S&P BSE Metal and S&P Oil and Gas declined.
The market breadth was skewed in the favour of the buyers. About 1,917 stocks rose 1,570 declined, and 144 remained unchanged on the BSE.
Maruti Suzuki Q4 FY23 Highlights (YoY):
Revenue rose 20% to Rs 32,048 crore Vs Rs 26,740 crore [BBG Estimate: Rs 32,365 crore]
Net Profit rose 43% to Rs 2,623.6 crore vs Rs 1,839 crore [BBG Estimate: Rs 2,565 crore]
EBITDA rose 38% to Rs 3,350.3 crore Vs Rs 2,426.8 crore [BBG Estimate: Rs 3,418 crore]
EBITDA margin stood at 10.5% Vs 9.1% [BBG Estimate: 10.6%]
Maruti Suzuki’s board approves capacity expansion by up to 10 lakh units amid rising demand.
The investment required and timelines for capacity addition yet to be finalised.
Internal accruals will be used for the investment.
The capacity will be in addition to the 13 lakh units production in Manesar and Gurugram, along with vehicles supplied by Suzuki Motor Gujarat Pvt Ltd.
Source: Exchange filing
Dalmia Bharat Inks Pacts With Jaiprakash Associates For Clinker, Cement, Power Plant Units
Dalmia Cement will acquire JP Super, after its pending arbritation with UltraTech, for Rs 1500-crore excluding additional costs and expenses of upto Rs 190-crore.
The transaction also includes the acquisition of 74% stake in Bhilai Jaypee Cement Ltd. for Rs 666-crore.
Deal also entails a long-term lease agreement for seven years with Jaiprakash Power Ventures Ltd. to acquire its Nigrie Cement Grinding Unit. The unit can be acquired during the lease period for Rs 250-crore.
Source: Exchange filing
