Sensex, Nifty end higher in first session of 2023; Tata Steel, Tata Motors, ICICI Bank top gainers
Benchmark indices ended higher in the first trading session of 2022, led by a rally in metal and banking stocks. Sensex rose 327 points to end at 61,167 and Nifty gained 92 points to close at 18,197.
Top Gainers
Tata Steel (1.39%), Tata Motors (1.85%), ICICI Bank (1.08%), M&M (1.38%), RIL (1.06%), and Infosys (1.03%) were the top Sensex gainers.
Top losers
Asian Paints (1.47%), Titan (1.24%), Tech Mahindra (0.69 %) and Sun Pharma (0.55%) were the top Sensex losers.
Of 30 Sensex stocks, 22 ended in the green. Market breadth was positive with 2,306 shares closing higher against 1,301 stocks falling on BSE. 181 shares were unchanged.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Markets gained confidence in the afternoon trade after European indices advanced sharply in early trade. Local traders lapped up metals, realty and banking shares, which had faced relentless selling in the last week’s sell-off. However, markets may face strong bouts of volatility as investors brace for earnings season and the upcoming Union Budget. Technically, the Nifty is consolidating between 18050 and 18250 levels. For the bulls, 18,250 will be the fresh breakout level to watch out for, and above the same it could move up to 18,350-18,400. On the flip side, below 18,100, there is a strong possibility of a quick intraday correction. Below the same, the index could slip till 18,050-18,000.”
Market cap of BSE-listed firms rose to Rs 283.86 lakh crore.
Metal, banking and auto shares were the top sectoral gainers with their BSE indices rising 590 points, 226 pts and 123 points, respectively.
BSE mid cap and small cap indices rose 144 points and gained 242 points, respectively.
Vinod Nair, Head of Research at Geojit Financial Services said, “Investors welcomed the new year on a high note with data showing strengthening domestic business conditions. India’s manufacturing PMI rose to 57.8 in December from 55.7 in the previous month, with new orders rising at the fastest pace since February 2021. Metal stocks led the surge following reports of China raising export duties to support their domestic demand, which is positive for India. We expect 2023 to be a year to buy equities in anticipation that a large part of the global recession has already been factored in the market.”
Foreign institutional investors (FIIs) offloaded shares worth a net Rs 2,950 crore on Friday (December 30), according to exchange data.
Previous session
Indian benchmarks Sensex and Nifty closed on a negative note on Friday in the last trading session of 2022. Sensex fell 293 points to end at 60,840 and Nifty lost 85 points to close at 18,105. ICICI Bank (1.74%), Bharti Airtel (1.56%), HDFC (1.30%), ITC (1.22%), Nestle India (1.12%) and L&T (1.15%) were the top Sensex losers.
Global markets
Elsewhere in Asia, equity markets in Seoul ended lower. Equity exchanges in Europe were trading in the green in mid-session deals. Markets in the US had ended lower on Friday. International oil benchmark Brent crude climbed 2.94 per cent to $85.91 per barrel.
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