Sensex, Nifty50 surge in morning trade: HDFC twins, Bajaj Finance amongst top gainers

• India’s benchmark indices surged in morning trade on Wednesday despite negative sentiments in global markets.
• The surge was led by FMCG, IT and consumer durable stocks, with HDFC twins, Bajaj Finance and ITC amongst top gainers on Nifty50.
• Reliance Industries, Bajaj Finance, IndusInd Bank are amongst stocks in focus today.

India’s benchmark indices surged in morning trade on Wednesday despite negative sentiments in global markets. The surge was led by FMCG, IT and consumer durable stocks, with HDFC twins, Bajaj Finance and ITC amongst top gainers on Nifty50.

SGX Nifty, an early indicator of how the markets may perform, was down 0.35% or 62 points early in the morning today.

While the 30-stock Sensex was up 0.71% or 432 points to 59,538, the 50-stock Nifty50 was up 0.62% or 109 points to 17,507 in morning trade.

Top gainers and losers on Nifty50

Top gainers	Change	Top losers	Change
Bajaj Finance	3.02%	Adani Enterprises	-1.47%
HDFC Bank	2.36%	IndusInd Bank	-1.33%
HDFC	2.34%	NTPC	-1.12%
L&T	2.30%	Eicher Motors	-1.02%
ITC	1.68%	State Bank of India	-0.95%

Source: NSE, as on April 5, 2023

Earlier on Monday, both Sensex and Nifty50 closed 0.2% higher after a volatile trading session.
RBI’s Monetary Policy Committee (MPC) meet outcome on rate hike is on investor’s minds this week, with expectations of an increment of 25 basis points in the repo rate to 6.75%.

Gold prices zoomed, crossing the $2,000 per ounce level to $2,022 after weak economic data from the US, reaching their level since March 2022.

Global market sentiments negative

Global market sentiments turned negative on Wednesday. US indices closed in the red on Tuesday, with Dow Jones and S&P 500 falling nearly 0.6% each, while the tech-heavy Nasdaq fell 0.52%.

Most Asian markets were also in the red on Wednesday morning, with Nikkei 225 falling 1.32%, followed by Hang Seng which was down 0.66%. Taiwan Weighted was up 0.12%, while Shanghai Composite was up 0.49%.

Stocks to watch

Reliance Industries/ONGC: The government has slashed windfall tax on domestically produced crude oil to nil from ₹3,500 a tonne effective April 4. It has also reduced levy on diesel to 50 paise per litre from ₹1.

Bajaj Finance: The NBFC reported 20% on year rise in new loan bookings in the quarter ended March. In FY23, it booked the highest ever new loans of 29.6 million. The lender’s AUM rose 29% on year to ₹2.47 trillion as of March 31, 2023.

IndusInd Bank: The bank reported 21% on year growth in net advances to ₹2.9 lakh crore while its deposits grew 12% to ₹3.36 lakh crore in March quarter.

HDFC Bank: The bank’s deposits grew 20.8% on year to ₹18.84 lakh crore in March quarter. Its advances increased 16.9% on year to ₹16.01 lakh crore.

Marico: The FMCG player reported a low single digit growth in consolidated revenue on a yearly basis for the March quarter.

TVS Motor: The company said its Singapore based arm will acquire a 25% stake in German based electric mobility products and components startup Killwatt GmbH.

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