Share Market News Highlights: Sensex, Nifty extend gains for fifth day, scale fresh closing peaks; BPCL, Reliance, Hero MotoCorp among top gainers

Nifty started lower following a global weakness, but the market was able to recoup the early losses by the end of the session. On the daily chart, Nifty has averted a bearish reversal by failing a hanging man pattern formation. The momentum indicator RSI is in bullish crossover and rising, suggesting a rise in ongoing bullish momentum. The short term trend looks positive. On the lower end, support is placed at 18,400. On the higher end, resistance is placed at 18,616/18,800.

The Bank Nifty index ended on a flat note with no clear direction, however, the trend remains positive. The index is stuck in a range between 42,500-43,500 and a breakout on either side will lead to a directional move. The undertone remains bullish and one should have a buy-on-dip approach with immediate support at the 42,800 level.

Although markets have touched new highs, the valuations have normalized over past one year as earning have rolled forward. The prospects for Indian markets remain bright over medium term as structural growth drivers for Indian economy are intact and India's macroeconomic parameters remain resilient against challenges in the global economy. Meanwhile equity investors should remain invested and increase equity allocation on correction.

We may see some consolidation in markets amid mixed global cues however the bias would remain on the positive side. Participants should utilise the phase to add quality names, especially from banking, IT and auto space. Besides, they may consider selective bets from the midcap and smallcap citing the recent participation. 

Despite unfavourable global cues, the domestic market reversed its early losses to trade at record highs. Following the decline in oil prices, oil & gas stocks led the rally in anticipation of margin gains, as ongoing protests in China fuelled demand concerns. Going ahead, global markets will depend on Jerome Powell's speech on Wednesday, which is crucial in maintaining the momentum, as the market seems to have factored in a moderation in the pace of interest rate hike.

The overall market breadth stood positive as 2,097 shares advanced while 1,498 declined on BSE. The market capitalization (m-cap) of BSE-listed companies stood at Rs 285.87 lakh crore.

Nine out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Oil & Gas and Nifty Auto outperformed the NSE platform by rising as much as 1.60 per cent and 0.61 per cent, respectively. In contrast, Nifty Metal slipped 1.14 per cent.

Mid- and small-cap shares finished on a higher note as Nifty Midcap 100 rose 0.73 per cent and small-cap moved 1.23 per cent higher.

On the stock-specific front, BPCL was the top Nifty gainer as the stock soared 5.04 per cent to close at Rs 340.80. Reliance Industries, Hero MotoCorp, Tata Consumer Products and SBI Life were also among the gainers. In contrast, Hindalco, Apollo Hospitals, JSW Steel, Tata Steel and HDFC Bank were among the top losers.

Sensex rises 211 points or 0.34 per cent to hit fresh closing high of 62,505, Nifty moves 50 points or 0.27 per cent higher to settle at new closing peak of 18,563

Sensex rises 187 points or 0.30 per cent to trade at 62,481, Nifty moves 43 points or 0.23 per cent lower to trade at 18,556; BPCL, Reliance, Hero MotoCorp, Tata Consumer Products, SBI Life among top gainers

Shares of JK Tyre jumped 10.50 per cent to hit a day-high level of Rs 191. A total of 6.27 lakh shares changed hands today, amounting to a turnover of Rs 11.65 crore. The company's market capitalisation (m-cap) stood at Rs 4,658.69 crore. (Read more)

Shares of Rail Vikas Nigam Ltd jumped 10 per cent to hit a day high level of Rs 80.30. A total of 63.03 lakh shares changed hands today, amounting to a turnover of Rs 50.02 crore. The company's market capitalisation (m-cap) stood at Rs 16,742.71 crore.

Shares of MSTC Ltd zoomed 20 per cent to hit their upper circuit level of Rs 338.80. A total of 6.44 lakh shares changed hands today, amounting to a turnover of Rs 20.59 crore. The company's market capitalisation (m-cap) stood at Rs 2,385.15 crore.

Sensex hits fresh all-time high of 62,701.4, Nifty scales fresh peak of 18,614.25; BPCL, Reliance, Hero MotoCorp, Asian Paints, Nestle among top gainers

Sensex jumps 351 points or 0.56 per cent to trade at 62,645, Nifty moves 86 points or 0.46 per cent higher to trade at 18,599; BPCL, Reliance, Hero MotoCorp, Asian Paints, Wipro among top gainers

Sensex hits fresh all-time high of 62,686.84, Nifty scales new peak of 18,611.05; BPCL, Reliance, Hero MotoCorp, Asian Paints, IndusInd Bank among top gainers

BSE 200 stocks such as BHEL, Cummins India, GICRE, IDFC First Bank, IRFC, PFC and REC Ltd hit their 52-week highs today.

Sensex hits fresh all-time high of 62,661.44; Nifty scales fresh peak of 18,604.35; BPCL, Reliance, Hero MotoCorp, Asian Paints, Wipro among top gainers

Mehta Equities: On the financial front, DCGL has been consistent performer both top and bottom lines. On valuation parse, at upper price band of Rs 237, the issue is asking for market cap of Rs 800 crore and seeking PE of 14x times ( on annualized FY23e) which seems to be reasonably priced as compared to competitors such as Bharat Rasayan, Atul ltd etc. While on its risk it faces hurdles like licensing, climate change government restrictions, farmers demand supply utility. Hence we believe that, although there is consistency growth in margins & profitability but being in  highly competitive segment and external factors the small player like DCGL may struggle in the race so we give 'Subscribe for listing gain only' rating for this IPO.