Mumbai, February 14: The domestic markets made gains and surged on Tuesday, tracking strong global cues. Government data on Tuesday showed that wholesale inflation in India continued to stay moderate and was at 4.73 per cent (provisional) in January 2023.
Key indices BSE Sensex went up 600 points and settled at 61,032.26 while NSE Nifty surged 157 points to 17,928.10. According to NSE data, the Nifty IT index rose 0.99 per cent to 30,588.75. The index had fallen 2.26 per cent in the past two sessions. Adani Group Stocks Slide in Morning Trade, Adani Enterprises Falls More Than 4%.
Fin Cables, HBL Power, NFL, RCF, Suprajit, Oil India were among the most active stocks that gained on Tuesday. Olectra, All Cargo, JP Power and Sparc were the laggards on BSE. The Nifty IT index rose 0.99 per cent to 30,588.75. The index had fallen 2.26 per cent in the past two sessions. Adani Enterprises’ Subsidiaries Secure Rs 10,238 Crore Fund for Ganga Expressway Project in Uttar Pradesh.
Infosys was up 1.66 per cent, Coforge surged 1.31 per cent, Wipro rose 1.14 per cent, Mphasis grew 1.08 per cent and HCL Technologies moved up 0.96 per cent and were the top gainers on Tuesday.
Adani Enterprises shares advanced as much as 3.88 per cent. The company reported a consolidated net profit of Rs 820.06 crore in Q3 FY23. The firm had incurred a net loss of Rs 11.63 crore in Q3 FY22.
The company’s revenue from operations jumped 41.87 per cent year on year (YoY) to Rs 26,612.23 crore in the quarter ended December 2022. Shares of Adani Ports went up 1.86 per cent to Rs 564 apiece. Adani Green shares lost 5 per cent to Rs 653.65 apiece. The Adani Transmission shares lost 5 per cent to Rs 1,071 apiece.
Wholesale inflation in India based continued to stay moderate and was at 4.73 per cent (provisional) in January 2023, against the previous month’s 4.95 per cent, official data showed on Tuesday. The index for fuel and power group (with an overall weightage of 13.15 per cent) declined by 1.39 per cent to 155.8 in January, data showed.
In October, overall wholesale inflation was at 8.39 and has been falling since then. Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September.
The retail inflation in rural and urban India was 6.85 per cent and 6 per cent, respectively. Among groups, cereals and products, eggs, spices, among others, contributed to the elevation in retail inflation in January.
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