After a tumultuous trading session on Friday, the domestic equity benchmarks managed to end on a positive note. The global stock market also saw an upward trend, buoyed by the approval of US debt ceiling legislation. Investors sentiment has improved, thanks to the better-than-expected GDP data. The Nifty closed above the 18,500 level after hitting the day's low of 18,478.40 in morning trade. Realty, metals, and PSU banks shares experienced demand, while shares of private banks, oil & gas, and IT sectors faced a downturn in performance.
The barometer index, the S&P BSE Sensex, advanced 118.57 points or 0.19% at 62,547.11. The Nifty 50 index added 46.35 points or 0.25% at 18,534.10.
JSW Steel (up 1.82%), Larsen & Toubro (up 1.19%) and ITC (up 0.77%) boosted the Nifty.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.60% while the S&P BSE Small-Cap index rose 0.57%.
The market breadth was strong. On the BSE, 2,181 shares rose and 1,364 shares fell. A total of 130 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 4.07% to 11.13.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper added 0.07% to 6.984 from previous close of 6.979.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3025, compared with its close of 82.4000 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement advanced 0.39% to Rs 60,155.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 103.42.
The United States 10-year bond yield rose 0.22% to 3.619.
In the commodities market, Brent crude for August 2023 settlement gained $1.15 or 1.55% to $75.43 a barrel.
Global Markets:
Shares in Europe and Asia advanced on Friday, tracking overnight gain in the US stock market after the US Senate approved the bill to raise the national debt limit through 2024, thereby fending off a first-ever default by the US on its debt obligations.
The US Senate has passed a House-approved bill to raise the debt ceiling and cap government spending for two years, sending the legislation to President Joe Biden's desk.
Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes.
During a National Association for Business Economics webinar, Philadelphia Federal Reserve President Patrick Harker stated that he believes the U.S. central bankers should refrain from raising interest rates at their upcoming meeting on June 13-14, despite the fact that inflation is decreasing at a slower rate than expected. Harker suggested that it would be prudent to pause and assess the situation before making any further decisions.
Stocks in Spotlight:
Adani Ports and Special Economic Zone added 0.56% after the company announced that it handled 36 million metric tones (MMT) of total cargo in May 2023, implying a YoY growth of 19%.
Hero MotoCorp rallied 3.25% after the company sold 519,474 units in May 2023, a growth of 7% over the corresponding month of May 2022, when the company had sold 486,704 units.
Tata Motors rose 0.09% after the sales in the domestic & international market for May 2023 stood at 74,973 vehicles, compared to 76,210 units during May 2022.
TVS Motor Company gained 2.64% after the company registered a sales growth of 9% increasing from 302,982 units in May 2022 to 330,609 units in May 2023.
Eicher Motors fell 0.42%. The company's total motorcycles (Royal Enfield) sales jumped 22% to 77,461 units in May 2023 from 63,643 units sold in May 2022.
Bank of Baroda jumped 0.97% after the bank's board of directors, at their meeting held today, approved a proposal to raise additional capital aggregating to Rs 5,000 crore in suitable tranches.
DCB Bank jumped 1.38% after the bank said that its board has formed a search committee to identify a successor to the current managing director & CEO, Murali Natrajan, whose term ends on 28 April 2024.
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