Markets kick off FY23 in style with over 1% gain; Sensex recaptures 59,000 mark

NTPC, PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank were among the leaders.

NTPC, PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank were among the leaders.

Stock markets started the new financial year with smart gains on Friday, with the Sensex amassing more than 708 points to recapture the crucial 59,000 after gains in index majors HDFC twins and Reliance Industries, along with inflows from foreign funds.

On the first trading day of the new fiscal year, the BSE barometer rose by 708.18 points or 1.21% and stood at 59,276.69. During the day, it rose 828.11 points or 1.41% to 59,396.62.

The broader NSE Nifty rose 205.70 points or 1.18% to settle at 17,670.45.

Of the Sensex package of 30 shares, NTPC, PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank were among the leaders.

Tech Mahindra, Sun Pharma, Dr. Reddy’s, Titan and Infosys, on the other hand, were the stragglers.

Elsewhere in Asia, stocks in Seoul and Tokyo ended lower, while Shanghai and Hong Kong ended in the green. Markets in Europe tended to trade higher.

Stocks in the US ended the overnight session on a negative note.

Meanwhile, the international oil benchmark Brent oil rose 0.22% to $104.94 a barrel.

Foreign institutional investors (FIIs) remained net buyers as they bought shares worth ₹3,088.73 crore on Thursday, according to stock market data.

“Indian equity markets delivered positive returns this week. Global equity markets also remained generally resilient, led by optimism about progress in the Russia-Ukraine negotiations. On the other hand, commodities showed some correction from recent highs. with most sector indices delivering positive returns.

“Crude oil prices have corrected this week, which is positive for import-dependent countries, including India,” said Shrikant Chouhan, head of Equity Research (Retail), Kotak Securities Limited.

Meanwhile, output from eight infrastructure sectors rose 5.8% in February, the strongest growth in the past four months, thanks to better production from coal, natural gas, refinery products and cement industries, according to official data released on Thursday.

www.thehindu.com

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