FIRST TRADE: Nifty above 18,300 levels, Sensex rises 100 points; Kansai Nerolac jumps 8%
Equities started off on a decent note on May 9, 2023. The S&P BSE Sensex traded 141 points, or 0.23 per cent higher at 61,905.24 levels while the NSE's Nifty quoted at 18,311.65, up 47 points, or 0.26 per cent. Bajaj Finserv, Tata Motors, and Titan Co were among the top gainers on the Sensex in early deals. On the contrary, Sun Pharma, and SBI were the biggest laggards. On the NSE, all the broad market indices traded in the green. The Nifty SmallCap 100 index quoted 0.42 per cent higher at 9,862.45 levels while the Nifty Midcap 100 traded 0.37 per cent higher at 32,595.8 points.
"There are three prominent factors which are driving the ongoing rally in the market: One, the better-than-expected strength of the US economy and the increasing confidence that the US will succeed in avoiding a bad recession. This has led to consolidation in the US market. Two, strong buying by FIIs who have been continuous buyers during the last eight trading days resulting in cumulative buying of Rs 13,825 crore. Three, fundamental support to the rally from macro indicators such as robust GST collections, improving PMI, high fuel consumption and good credit growth. These positives along with a rising rupee can sustain the rally and take the market higher. But the valuation comfort which was there at the beginning of this rally a month ago is no longer there. This can cap the upside to the market even though the momentum is currently with the bulls," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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India is the most expensive stock market in the world, says V K Vijayakumar of Geojit Financial Services
Shares of Mahanagar Gas Ltd (MGL) rose over 6 per cent on BSE after the city gas distribution (CGD) company registered a robust jump in profit after tax (PAT) of 104 per cent. Paint manufacturer Kansai Nerolac jumped 8 per cent after the company reported a stellar set of numbers for the March quarter. Lupin, on the other hand, was trading flat with a positive bias ahead of its March quarter numbers.
An index of Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key US inflation report, although mainland Chinese shares and Japanese equities bucked the trend. The dollar ticked higher against major peers as US yields remained elevated amid increased confidence that the banking sector is not headed for a wider crisis, as per a Reuters report. In the overnight trade, US stocks took a pause after a strong rally in the prior session as investors shift focus to a key inflation reading later this week.
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