Sensex rises over 200 points, Nifty trades near 18,750; Kalyan Jewellers jumps 11%; IKIO Lighting to list today

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 banks, financials, metals, pharma and consumer stocks. The 30-share BSE Sensex climbed 212 points or 0.34 per cent to trade at 63,129, while the broader NSE Nifty moved 61 points or 0.33 per cent higher to trade at 18,749. Mid- and small-cap shares were positive as Nifty Midcap 100 gained 0.48 per cent and the small-cap 100 was up 0.79 per cent.

Most Asian shares rose today economic data from the US hinted at a potential delay in further rate hikes by the Federal Reserve. Overnight, Wall Street equities closed higher as data showed retail sales unexpectedly rose in May, indicating strength in consumer spending in the world's largest economy.

The Fed had left rates unchanged on Wednesday, ahead of the jobs data, but hinted at the possibility of more hikes later this year.

Bach home, 14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Metal, Nifty Pharma, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 0.50 per cent, 0.44 per cent, 0.91 per cent, 0.29 per cent and 0.52 per cent, respectively. Nifty IT was the only sub-index which was down 0.11 per cent.

Foreign institutional investors (FIIs) bought Rs 3,086 crore worth of Indian equities on a net basis on Thursday, while domestic investors sold Rs 298 crore of shares, as per provisional NSE data.

On the stock-specific front, Dr Reddy's was the top Nifty gainer as the stock jumped 1.70 per cent to trade at Rs 4,885. Also, Hindalco, Divi's Labs, JSW Steel and HDFC Life climbed up to 1.25 per cent.

In contrast, TCS, PowerGrid, Hero MotoCorp, Bharti Airtel and BPCL slipped up to 0.73 per cent.

The overall market breadth was strong as 1,895 shares were advancing while 580 were declining on BSE.

On the 30-share BSE index, Reliance Industries, ICICI Bank, HDFC twins (HDFC and HDFC Bank), SBI, Kotak Mahindra Bank and Infosys were among the top gainers.

In addition, Kalyan Jewellers India, Brightcom Group, Endurance Technologies and Suzlon Energy jumped up to 11.20 per cent.

On the flip side, Capri Global Capital and Aster DM Healthcare slipped up to 3.64 per cent.

Further, shares of IKIO Lighting are going to hit Dalal Street today. The initial public offering (IPO) garnered a strong response from the investors during the three-day bidding process. The IPO was overall subscribed 66.30 times, with the portion for qualified institutional bidders (QIB) getting 163.68 times subscription; the category for non-institutional investors (NIIs) was subscribed 63.35 times and the quota reserved for retail investors was booked 13.86 times.

Sensex had slipped 311 points, or 0.49 per cent, to settle at 62,917.63 yesterday, while Nifty had declined 68 points, or 0.36 per cent, to end the day at 18,688.10.

In a separate update, BSE informed that its website would not be available from June 17, 2023 (9 pm), to June 18, 2023 (9 am), due to maintenance activity.

Nifty outlook

"Nifty once again witnessed a flat day with narrow range movement ending near the 18,600 zones with mid-cap and small-cap stocks once again showing active participation. The index has been in consolidation for quite some time with 18,450 levels acting as a strong support zone and would need a decisive breakthrough above 18,750 levels. The support for the day is seen at 18,500 levels while the resistance is seen at 18,750 levels," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.

Nifty Bank outlook

"Nifty Bank continues to witness very sluggish movement for quite some time hovering near the 44,000 zone with the range remaining intact with 43,700 as the strong base and 44,500 levels as the important resistance zone. which needs a decisive breakout for a fresh upward move. Nifty Bank would have a daily range of 43,700-44,400 levels," Parekh stated.

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