Last updated: May 23, 2023, 9:47 AM IST
Fair Today: Tracking mixed global signals, major benchmark indices started off solid. Frontline indices, the S&P BSE Sensex gained back 62,000 levels, up more than 100 points, while the Nifty50 index climbed nearly 50 points to trade above 18,350 levels.
Broader markets also moved higher in trading as Nifty Midcap 100 and Nifty Smallcap 100 indices rose to 0.4 percent.
Sector-wise, the Nifty Metal index gained the most, rising more than 1 percent. The Nifty Realty index, on the other hand, fell into negative territory.
Among individual stocks, shares of BPCL gained more than 1 percent after the company reported a 159 percent growth in net profit of Rs 6,478 crore.
In addition, shares of Dhanlaxmi Bank rose more than 3 percent after the company posted net growth of 63 percent in Q4 at Rs 38.17 crore in Q4FY23.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Adani stocks were massively corrected after the Hindenburg report. The Supreme Court’s panel of experts said in its report that at this stage, taking into account SEBI’s explanation, supported by empirical data, prima facie it would not be possible for the committee to conclude that there has been a regulatory deficiency around the charge of price manipulation.”
Global signals
Globally, US markets saw mixed trading overnight as investors followed debt ceiling negotiations. While the Dow Jones fell 140 points, or 0.4 percent, the S&P 500 and NASDAQ Composite indices gained as much as 0.5 percent.
According to reports, US President Joe Biden and Republican House Speaker Kevin McCarthy met Monday and called the talks “productive” and “professional.” However, the two leaders have not yet reached an agreement.
In Asia-Pacific, markets rallied higher this morning despite no deal on the debt limit. Nikkei 225, Topix, Kospi and the S&P 200 indices rose to 0.6 percent.
