Stock Market Today: Sensex, Nifty Rise The Most In Five Weeks As Reliance, ICICI Bank, HDFC Twins Lead
Sensex closed up 710 points or 1.16% at 61,764.25 while the Nifty was higher by 203 points or 1.12% at 18,271.80.
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KEY HIGHLIGHTS
FPI Buying Spree Enters Day 8
Foreign portfolio investors mopped up equities worth Rs 2,123.8 crore, according to data from the National Stock Exchange.
Domestic institutional investors turned buyers after a day and bought stocks worth Rs 245.3 crore, the NSE data showed.
Foreign institutions have remained net sellers and have offloaded Rs 37,194.3 crore worth of stocks so far in 2023.
Yield On The 10-Year Bond Rises
Yield on the 10-year bond gained four basis points to close at 7.05% on Monday.
Rupee Ends Flat Against The U.S. Dollar
The local currency closed flat at 81.80 against the greenback on Monday.
Source: Bloomberg
Sensex, Nifty End Over 1% Higher As Private Banks, NBFCs Gain
Indian equity benchmarks ended over 1% higher, the most in five weeks since March 31, 2023, on Monday. Private banks, NBFCs, realty and auto sectors gained the most, whereas PSU banking and media sectors were the top losers.
Asian markets were steady, whereas European stocks struggled to build on Friday’s strong rebound as traders assessed hawkish comments from policy makers and disappointing data from the region’s biggest economy.
The Stoxx Europe 600 index edged higher, with energy stocks outperforming as crude oil gained. With U.K. markets closed for a holiday in honor of King Charles III, trading volumes were relatively modest.
U.S. futures fluctuated after the S&P 500 jumped 1.9% Friday to halt its longest losing streak since February. PacWest Bancorp rose as much as 16% in premarket trading Monday.
The S&P BSE Sensex Index closed up 710 points or 1.16% at 61,764.25 while the NSE Nifty 50 Index was higher by 203 points or 1.12% at 18,271.80.
Reliance Industries Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., and HDFC Ltd. were positively adding to the change.
Whereas, L&T Ltd., Coal India Ltd., Sun Pharmaceutical Industries Ltd., Adani Enterprises Ltd., and Dr. Reddy's Laboratories Ltd. were negatively contributing to the change in the Nifty 50 Index.
The broader market indices ended higher; S&P BSE MidCap Index was up by 0.94%, whereas S&P BSE SmallCap Index was higher by 0.57%.
Eighteen out of the 19 sectors compiled by BSE advanced, with S&P BSE Consumer Durables declined in trade.
The market breadth was skewed in the favour of the buyers. About 2,095 stocks rose 1,554 declined, and 162 remained unchanged on the BSE.
Happiest Minds Q4 Results FY23: Key Highlights (QoQ)
Q4 revenue up 2.94% to Rs 377.98 crore versus Rs 366.88 in Q3 (Bloomberg estimate: Rs 373 crore)
Q4 EBIT flat at Rs 79.23 crore versus Rs 79.54 crore in Q3
Q4 EBIT margin at 20.96% versus 21.68% in Q3
Q4 net profit up 0.13% to Rs 57.66 crore versus Rs 57.58 crore in Q3 (BBG estimate: Rs 61.25 crore)
The company has declared a dividend of Rs 3.40/share.
Source: Exchange filing
