Sensex, Nifty50 end slightly higher led by gains in RIL, Infosys, ITC

• Sensex ended 126.76 points or 0.22% higher at 57,653 while Nifty50 gained 40.65 points or 0.24% at 16,985.
• Analysts say that First Citizens BancShares’ plan to acquire the deposits and loans of failed Silicon Valley Bank provided some relief to the market.
• Grasim Industries, Reliance Industries, Cipla, Divi’s Laboratories and Maruti Suzuki were top five gainers on the 50-stock index.

India’s benchmark indices Sensex and Nifty50 closed slightly higher led by gains in shares of pharma, PSU Bank and FMCG stocks.

Sensex ended 126.76 points or 0.22% higher at 57,653 while Nifty50 gained 40.65 points or 0.24% at 16,985.

Analysts say that First Citizens BancShares’ plan to acquire deposits and loans of failed Silicon Valley Bank provided some relief to the market.

“Nifty opened positive and remained steady for most part of the session as SVB’s resolution provided some relief to the market. Investors took comfort from news that First Citizens BancShares will acquire SVB's deposits and loans,” said Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services.

However, concerns regarding the global banking crisis will continue to scare investors till it is completely resolved.

“Going ahead the concerns remain with regards to the global banking crisis which would keep the markets on edge. This week investors would watch out for US & UK GDP data which could provide some cues with regards to Fed’s future course of action with regards to rate pause,” said Khemka.

Grasim Industries, Reliance Industries, Cipla, Divi’s Laboratories and Maruti Suzuki were top five gainers on the 50-stock index.

Gains in shares of heavyweights like RIL which was up 1.61%, Infosys up 0.55% and ITC up 0.34% supported the index.

At home, India's state-run lenders will submit a detailed scenario-mapped plan of various risks to the government within two weeks, as per reports. This comes amid turmoil in the US and Europe as depositors are concerned over banks' health.

Top stock movements under Nifty500

“After a range-bound movement, the market ended mixed with marginal gains in large caps while mid and small caps had losses. Some certainty was seen in domestic banks and large caps due to ease in the US & European market aided by reports on the acquisition of SVB by US lender First Citizens Bank. However, the investors continue to remain cautious as stress in the US and European financial systems makes their central banks actions complex,” said Vinod Nair, head of research at Geojit Financial Services.

Earlier last week, Sensex and Nifty50 closed on a mixed note, with Sensex rising 0.31% while Nifty50 declined 0.07% amid a turmoil in the US and European banking sectors.

Foreign institutional investors (FIIs) have sold equities worth ₹890 crore on Monday while domestic institutional investors (DIIs) have bought shares worth ₹1,808 crore, as per NSE data.

Among sectoral indices, pharma index was the top gainer followed by FMCG and PSU Bank.

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