Sensex rises over 100 points, Nifty trades above 18,650; Aether Industries jumps 6%; Indian Energy Exchange down 10%
The domestic indices rose today led by gains in automobile and consumer stocks. The 30-share BSE Sensex climbed 112 points or 0.18 per cent to trade at 62,960, while the broader NSE Nifty moved 34 points or 0.18 per cent higher to trade at 18,668.
- Jun 9, 2023,
- Updated Jun 9, 2023 9:47 AM IST
Indian equity benchmarks traded higher in early deals on Friday, taking cues from the global markets. The domestic indices rose today led by gains in automobile and consumer stocks. The 30-share BSE Sensex climbed 112 points or 0.18 per cent to trade at 62,960, while the broader NSE Nifty moved 34 points or 0.18 per cent higher to trade at 18,668. Mid- and small-cap shares were positive as Nifty Midcap 100 crawled 0.16 per cent higher and the small-cap 100 was up 0.15 per cent.
On the global front, Asian shares were up tracking an overnight rise on Wall Street as odds of a rate pause by the US Federal Reserve, in its upcoming meeting on June 14, rose.
Back home, the Reserve Bank has kept the key policy (repo) rate unchanged at 6.50 per cent in its June bi-monthly policy meeting.
"The expected pause decision of the MPC yesterday came laced with an unexpected slightly hawkish message on inflation and the market reacted negatively to it. However, it is important to appreciate the fact that the MPC is playing it safe by trying to anchor inflation expectations. In the US, it is possible that the Fed might go for a pause in the upcoming policy meeting, boosting market sentiments," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Eight out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Auto, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 0.27 per cent, 0.27 per cent and 0.48 per cent, respectively. However, Nifty Metal, Nifty PSU Bank and Nifty IT capped some gains.
Foreign institutional investors (FIIs) bought Rs 212 crore worth of Indian equities on a net basis on Thursday, while domestic investors sold Rs 405 crore of shares, as per provisional NSE data.
"An important trend in the market is the outperformance of the broader market. Expect lots of stock-specific action even within the range-bound movement," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the stock-specific front, Britannia Industries was the top Nifty gainer as the stock jumped 1.94 per cent to trade at Rs 4,969.65. Also, Titan, IndusInd Bank, Asian Paints and Hero MotoCorp climbed up to 1.28 per cent.
In contrast, HDFC Life, Tata Steel, ONGC, Divi's Lab and M&M slipped up to 0.91 per cent.
The overall market breadth was strong as 1,817 shares were advancing while 798 were declining on BSE.
On the 30-share BSE index, ICICI Bank, L&T, Titan, Axis Bank, Bharti Airtel, Tata Motors and Bajaj Finance were among the top gainers.
In addition, Aether Industries, Brightcom Group, Paytm and Balrampur Chini Mills jumped up to 5.57 per cent.
On the flip side, Indian Energy Exchange, Bank of Maharashtra and Birla Corporation slipped up to 10 per cent.
Sensex had slipped 294 points, or 0.47 per cent, to close at 62,849 yesterday, while Nifty had declined 92 points, or 0.49 per cent, to end the session at 18,635.
Nifty outlook
"We expect upside attempts to resume, as long as the dips do not stretch beyond 18,638. If sustained, expect a return to the 18,887-19,070 trajectories, but a vertical upside all the way is less expected. Alternatively, slippage past 18,595 would call for 18,420," said Anand James, Chief Market Strategist at Geojit Financial Services.
Indian equity benchmarks traded higher in early deals on Friday, taking cues from the global markets. The domestic indices rose today led by gains in automobile and consumer stocks. The 30-share BSE Sensex climbed 112 points or 0.18 per cent to trade at 62,960, while the broader NSE Nifty moved 34 points or 0.18 per cent higher to trade at 18,668. Mid- and small-cap shares were positive as Nifty Midcap 100 crawled 0.16 per cent higher and the small-cap 100 was up 0.15 per cent.
On the global front, Asian shares were up tracking an overnight rise on Wall Street as odds of a rate pause by the US Federal Reserve, in its upcoming meeting on June 14, rose.
Back home, the Reserve Bank has kept the key policy (repo) rate unchanged at 6.50 per cent in its June bi-monthly policy meeting.
"The expected pause decision of the MPC yesterday came laced with an unexpected slightly hawkish message on inflation and the market reacted negatively to it. However, it is important to appreciate the fact that the MPC is playing it safe by trying to anchor inflation expectations. In the US, it is possible that the Fed might go for a pause in the upcoming policy meeting, boosting market sentiments," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Eight out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Auto, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 0.27 per cent, 0.27 per cent and 0.48 per cent, respectively. However, Nifty Metal, Nifty PSU Bank and Nifty IT capped some gains.
Foreign institutional investors (FIIs) bought Rs 212 crore worth of Indian equities on a net basis on Thursday, while domestic investors sold Rs 405 crore of shares, as per provisional NSE data.
"An important trend in the market is the outperformance of the broader market. Expect lots of stock-specific action even within the range-bound movement," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the stock-specific front, Britannia Industries was the top Nifty gainer as the stock jumped 1.94 per cent to trade at Rs 4,969.65. Also, Titan, IndusInd Bank, Asian Paints and Hero MotoCorp climbed up to 1.28 per cent.
In contrast, HDFC Life, Tata Steel, ONGC, Divi's Lab and M&M slipped up to 0.91 per cent.
The overall market breadth was strong as 1,817 shares were advancing while 798 were declining on BSE.
On the 30-share BSE index, ICICI Bank, L&T, Titan, Axis Bank, Bharti Airtel, Tata Motors and Bajaj Finance were among the top gainers.
In addition, Aether Industries, Brightcom Group, Paytm and Balrampur Chini Mills jumped up to 5.57 per cent.
On the flip side, Indian Energy Exchange, Bank of Maharashtra and Birla Corporation slipped up to 10 per cent.
Sensex had slipped 294 points, or 0.47 per cent, to close at 62,849 yesterday, while Nifty had declined 92 points, or 0.49 per cent, to end the session at 18,635.
Nifty outlook
"We expect upside attempts to resume, as long as the dips do not stretch beyond 18,638. If sustained, expect a return to the 18,887-19,070 trajectories, but a vertical upside all the way is less expected. Alternatively, slippage past 18,595 would call for 18,420," said Anand James, Chief Market Strategist at Geojit Financial Services.