Sensex, Nifty50 edge up in morning trade led by energy, metal and IT stocks

• India’s benchmark indices Sensex and Nifty50 edged up in morning trade after a cautious start on Tuesday amid weakness in global markets.
  
• The morning gains were led by stocks in the energy, metal and IT sectors, while auto stocks edged slightly lower.
  
• Both Sensex and Nifty50 were up 0.5% on Tuesday morning, with Sensex at 61,430 and Nifty50 at 18,163 points.
  

India’s benchmark indices Sensex and Nifty50 edged up in morning trade after a cautious start on Tuesday amid weakness in global markets. The morning gains were led by stocks in the energy, metal and IT sectors, while auto stocks edged slightly lower.

Both Sensex and Nifty50 were up 0.5% on Tuesday morning, with Sensex at 61,430 and Nifty50 at 18,163 points. ONGC emerged as the top gainer after the government slashed windfall tax on crude oil to ₹4,100 per tonne from ₹6,400 earlier.

Top gainers and losers on Nifty50

Source: NSE, as on May 2, 2023
Earlier last week, both the indices gained 2.3% on the back of healthy earnings of Indian banks. However, weakness in global markets amidst the fall of First Republic Bank in the US will play on investors’ minds this week.

Gold and crude oil prices edged up slightly on Tuesday. Gold edged up to ₹59,945 per 10 grams, while Brent crude oil prices inched up to $79.5 per barrel.

Mixed global cues

Markets in the US ended lower on Monday after First Republic Bank fell and JP Morgan scooped up the former’s deposits. While Dow Jones fell 0.14%, S&P 500 ended 0.04% in the red. The tech-heavy Nasdaq closed 0.11% lower.

Markets in Asia were mixed on Tuesday morning, with Shanghai Composite gaining 1.13%, while South Korea’s KOSPI was up 0.76%, followed by Taiwan Weighted which was up 0.3%. However, Nikkei 225 was down 0.06% and Hang Seng was down 0.04%.

Stocks to watch

UltraTech Cement: The cement maker’s March quarter net profit fell 32% to ₹1,666 crore as compared to ₹2,461 crore in the same quarter last year. Meanwhile, its revenue from operations for the quarter rose 18% to ₹18,662 crore from ₹16,767 crore last year.

Maruti Suzuki: The automaker has sold 1.60 lakh units of passenger vehicles in April as compared to 1.50 lakh during the same period last year. It registered a 7% increase in total wholesalers in April.

Tata Motors: The automaker announced a 4% fall in total domestic sales to 68,514 units in April as compared to 71,467 units during the same period last year. Total commercial vehicle sales also dipped 27% to 22,492 units in April from 30,838 units last year. Also, its total wholesales declined 4% to 69,599 units.

Kotak Mahindra Bank: The bank reported 26% on year rise in net profit to ₹3,495 crore while its net interest income jumped 35% to ₹6,102 crore. Meanwhile, its non performing assets fell to ₹1,193 crore in Q4 from ₹1,736 crore last year.

ONGC, Oil India: The government has slashed windfall tax on crude oil produced in the country to ₹4,100 per tonne from ₹6,400 per tonne effective from Tuesday.

Adani Green Energy: The company reported more than four fold rise in March quarter net profit at ₹507 crore as compared to ₹121 crore a year ago. The revenue from operations increased to ₹2,130 crore from ₹1,128 crore a year ago.

Earnings today: Tata Steel, Adani Total Gas, Ambuja Cements, Fino Payments Bank, UCO Bank and Varun Beverages among companies to release its quarterly earnings today.

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