Sensex, Nifty pare early gains; Adani stocks top laggards, PNC Infra rises 7%

Domestic equity indices opened higher on Tuesday, tracking the firm global cues but mixed sentiments from the US stocks weighed on trader’s sentiments. However, headline indices trimmed their gains as the session progressed amid the lackluster trading session, a day before expiry of F&O contracts.

At 9.25 am, the 30-share pack BSE Sensex was trading 156.15 points, or 0.27 per cent, higher at 57,810.01, while NSE’s Nifty50 advanced 38.15 points, or 0.22 per cent, at 17,023.85. Broader markets were mixed as BSE midcap index was in red, whereas BSE smallcap index inched-up marginally. Fear gauge India VIX eased about a per cent to 15.30-level.

Among the sectors, only the Nifty Pharma index was trading in red. However, gains in other sectoral indices were capped. The Nifty Metal index advanced about half a per cent. Nifty Financial Services, PSU Bank and IT indices also posted decent gains.

In the Nifty50 pack, Hindalco rose more than 2 per cent, followed by a one per cent rise in UPL. Coal India, HCL Technologies, Tata Steel, Tata Consultancy Services and ICICI Bank were also among the top gainers.

Among the losers, Adani Ports and Special Economic Zone dropped 2 per cent, followed by a similar cut in Adani Enterprises. Bharat Petroleum, Apollo Hospitals, Divis Labs and ONGC also declined more than a per cent each.

The current market signals indicate that the worst of the banking crisis is behind us. S&P 500 is now trading above the March 10 level when SVB collapsed. The stock prices of European banks also are improving indicating that there are no fears of contagion now, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“There is a level of certainty regarding growth prospects. The global economy is slowing down; but Asia, particularly India, will outperform. India’s banking system is well regulated, strong and resilient. This period of uncertainty and volatility is the right time to build a good portfolio” he said.

In the broader markets, Mangalam Organics advanced over 11 per cent, whereas Navkar Corporation soared another 8 per cent. SMS Lifescience jumped 9 per cent during the early trading session.

PNC Infratech gained 7 per cent after it was declared the lowest bidder for a highway project on Hybrid Annuity Mode from the government with a cost of Rs 819 crore. Tanla Platforms was up 6 per cent after it unveiled phishing protection solution Wisely ATP at Mobile World Congress, Barcelona 2023.

On the contrary, Kalyan Jewellers India dropped about 9 per cent Warburg Pincus eyes to offload 2.5 per cent stake of the company via block deal. Adani Transmission, Adani Total Gas, Adani Green Energy and Adani Power hit lower circuit of 5 per cent each. Raymond and Adani Wilmar shed 4 per cent each.

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