Sensex Today: Key benchmark indices surged nearly a per cent on Friday, despite tepid global cues. The frontline S&P BSE Sensex zoomed 390 points to close at 56,072. The index hit an intra-day high of 56,186. The Nifty50, on the other hand, ended at 16,719, up 114 points. It hit a high of 16,752.
Top Gainers & Losers
Ultratech Cement, Grasim, UPL, HDFC, HDFC Bank, Eicher Motors, and ICICI Bank were the top gainers, ralling over 2 per cent each. Infosys, Tata Consumer Products, NTPC, and Power Grid, on the other hand, shed over 1 per cent.
Sectorally, the Nifty Bank added 1.6 per cent, followed by the Nifty PSU Bank index (up 1.5 per cent). The Nifty IT fell 0.6 per cent.
In the broader market, the BSE MidCap index fell 0.2 per cent, but the BSE SmallCap index added 0.2 per cent.
GSFC soared over 8 per cent. The company’s Q1FY23 net profit more-than-doubled to Rs 355.83 crore when compared with Rs 137.76 crore in Q1FY22.
Dr VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The biggest positive for the bulls now is the complete reversal of FII action from relentless selling till July to sustained buying now, though only for 4 days in a row. This means the June low of 15,813 is unlikely to be broken any time soon. The smart recovery in the Nifty Midcap by 12. 73 per cent in the last month is an indication that this recovery in the market is widespread and, therefore, strong. At least, for the short run, the domestic investors who bought when the FIIs sold, have emerged smarter.”
“Market action in the near term will be in response to the results of the big boys RIL, ICICI Bank, Infosys and Kotak Bank to be released soon. Results are likely to be positive for markets. Meanwhile ECB has joined the DM central bank majors in sharply raising rates and sending out a very strong hawkish message. So long as the leading central banks continue to hike rates, markets will remain volatile,” he added.
Global Cues
Asian stock markets were on course for their best week in months and the dollar held off recent record highs after the European Central Bank (ECB) raised rates for the first time in more than a decade and bets on the size of U.S. rate hikes eased.
Tokyo stocks opened lower Friday as the market weighs uncertainty ahead after a surprise 50-basis point rate hike by the European Central Bank. The benchmark Nikkei 225 index slipped 0.30 per cent, or 84.30 points, to 27,718.70 in early trade, while the broader Topix index fell 0.26 per cent, or 5.04 points, to 1,945.55.
Wall Street’s main indexes rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla. The tech-heavy Nasdaq added 1.4 per cent to lead the gains while the S&P 500 closed at its highest level since June 9. The Dow Jones Industrial Average climbed 0.5 per cent.
Meanwhile, prices of crude oil edged lower amid demand worries. Brent Crude hovered around $104 per barrel and WTI Crude was at $96 per barrel.
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