Stock Market Today: The key benchmark indices firmed up in mid-noon deals led by strong buying support in auto, financials and select FMCG stocks. The BSE Sensex was up over 600 points at 53,745. The NSE Nifty 50 was seen testing the 16,000-mark.
Top Gainers and Losers
Despite a 0.8 per cent fall in heavyweight Bajaj twins, HUL, Asian Paints, Maruti, Titan, Kotak Bank, and Nestle led the upmove on the Sensex, moving up to 4.8 per cent higher.
Bajaj Finance emerged as the top index winner on posting healthy Q1FY23 update. The NBFC said that it logged the highest ever quarterly increase in its customer franchise of 2.7 mn during the quarter, and its new loans were 7.4 mn as compared to 4.6 mn in the year ago period.
On the downside, apart from RIL, Tata Steel, NTPc, PowerGrid and L&T were the other handful of drags on the Sensex, declining upto 1 per cent.
From sectors, the Nifty metals index closed flat amid a continuous slide in metal prices. Oil & gas pocket was the sole loser, ending 0.17 per cent down. On the other hand, Nifty Auto, FMCG, Realty and Consumer Durables led the most gains, gaining 2-2.6 per cent each.
Among stocks, Concor rose over 3 per cent after reports said that the Union Cabinet may take up land lease policy today, and reduce licensing fees.
Refiners MRPL and Chennai Petro shed over 5 per cent each after a nearly 10 per cent slump in crude oil prices Tuesday.
Santosh Meena, head of research, Swastika Investmart Ltd., said: ” Bulls are ready to take Nifty above the 16,000 mark as there is selling exhaustion at lower levels. Rupee weakness is causing volatility however sharp fall in commodity prices and a cool-off in bond yields are supporting the market at lower levels. The good part is that FIIs are showing some buying interest after a long period of continuous selling. They are changing their gear in the F&O market as well but the market is still oversold and has good scope for a short-covering rally. On the upside, 16,200 looks like an immediate target whereas the possibility of a 16,500 level can’t be ruled out. On the downside, 15,700-15,500 is acting as a strong support demand zone.”
Global Cues
Asian stocks slipped and the dollar stood by a two-decade high on the euro on Wednesday as investors’ fears deepened that the continent is leading the world into recession, while oil and European equity futures attempted to steady after a slide.
Tokyo stocks opened lower Wednesday after a mixed close on Wall Street as lingering recession fears caused a rout on European bourses. The benchmark Nikkei 225 index was down 0.79 per cent, or 209.58 points, at 26,213.89 in early trade, while the broader Topix index was down 0.69 per cent, or 12.94 points, at 1,866.18.
The S&P 500 ended slightly higher on Tuesday as investors kept their focus on the growth trajectory of the U.S. economy, and the tech-heavy Nasdaq closed higher while the Dow slipped. The Dow Jones Industrial Average fell 129.44 points, or 0.42 per cent, to 30,967.82, the S&P 500 gained 6.06 points, or 0.16 per cent, to 3,831.39 and the Nasdaq Composite added 194.39 points, or 1.75 per cent, to 11,322.24.
Read all the Latest News, Breaking News, watch Top Videos and Live TV here.
Comments
0 comment