Stock Market Today: Sensex, Nifty Hold On To Gains To End At Four Week High
Sensex closed up 115 points or 0.19% at 59,106.44 while Nifty was higher by 38 points or 0.22% at 17,398.05.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Flat
The yield on the 10-year bond closed flat at 7.31% on Monday.
Source: Bloomberg
Rupee Weakens Against The U.S. Dollar
The local currency weakened by 15 paise to close at 82.33 against the greenback on Monday. It closed at 82.18 on Friday.
Source: Bloomberg
Sensex, Nifty End Higher For Third Consecutive Day
Indian equity benchmarks ended the foremost day of the truncated week higher. The indices swung amid volatility to settle with gains led by auto, banking and realty stocks.
Crude-oil futures surged the most in almost a year after OPEC+ announced a production cut that threatened to worsen inflation and push global central banks to tighten monetary policy further.
Brent crude headed for the biggest gain since April 2022 while West Texas Intermediate was poised for the best day since May after the oil cartel announced an output reduction of more than 1 million barrels per day.
Energy stocks rallied in Europe, with BP Plc and TotalEnergies SE climbing more than 4%. The benchmark Stoxx Europe 600 Index was little changed. Asian markets, on the other hand, were steady.
Investors across asset classes rushed to adjust for the risk that inflationary pressure may be more persistent than previously thought.
The S&P BSE Sensex Index closed up 115 points or 0.19% at 59,106.44 while the NSE Nifty 50 Index was higher by 38 points or 0.22% at 17,398.05.
Axis Bank Ltd., Kotak Mahindra Bank Ltd., Bajaj Finance Ltd., Maruti Suzuki India Ltd., Bharti Airtel Ltd., and ICICI Bank Ltd. were positively adding to the change.
Whereas, Infosys Ltd., ITC Ltd., Hindustan Unilever Ltd., Bharat Petroleum Corp Ltd., and Adani Enterprises Ltd., were negatively contributing to the change in the Nifty 50 Index.
All Adani Group company stocks declined in trade, except ACC Ltd. and Ambuja Cements Ltd.
The broader market indices outperformed the larger peers; S&P BSE MidCap was up 0.36% whereas S&P BSE SmallCap was higher by 1.17%.
Thirteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, S&P BSE Oil and Gas, S&P BSE Utilities, S&P BSE Power, S&P BSE Energy and S&P BSE Teck declined.
The market breadth was skewed in the favour of buyers. About 2,775 stocks rose 856 declined, and 130 remained unchanged on the BSE.
KPIT Technologies Shares Drop As JPMorgan Initiates Coverage With "Underweight" Call
Shares of KPIT Technologies Ltd. declined the most in over three months on Monday, after JPMorgan Chase & Co. initiated coverage with an 'underweight' call.
The price target set by the brokerage was at Rs 520, implying a potential downside of 44%, "driven by lower structural margins, risks from single vertical and high client concentration, and excessive valuations".
However, JPMorgan expects the highest revenue and earnings growth for the company over fiscal 2023–2025 among its coverage.
Shares of the company declined 6.19% to Rs 867.85 as of 1:43 p.m., compared with a flat benchmark Nifty 50. The company stock fell as much as 8.01%, the most since Dec. 23, 2022.
The total traded quantity stood at 2.5 times the 30-day average.
Of the 14 analysts tracking the stock, 10 maintain a 'buy', one recommends a 'hold' and three suggest a 'sell', according to Bloomberg. The return potential of the stock implies a downside of 4.4% over the next 12 months.
Route Mobile To Guarantee $10.14 Million Term Loan For UK Unit
Company will provide corporate guarantee of $10.14 million (Rs 83.49 crore) to Yes Bank Ltd. for term loan facility to Route Mobile (UK) Ltd.
The corporate guarantee will be treated as a contingent liability for the company.
Source: Exchange filing
