Sensex, Nifty50 edge up in morning trade led by banking and realty stocks

• India’s benchmark indices Sensex and Nifty50 edged up in morning trade on Monday despite mixed cues in global markets.
  
• The gains were led by banking and realty stocks, while pharma, IT and media stocks declined.
  
• RIL, ICICI Bank, Maruti Suzuki and Wipro are amongst stocks in news today.
  

India’s benchmark indices Sensex and Nifty50 edged up in morning trade on Monday despite mixed cues in global markets. The gains were led by banking and realty stocks, while pharma, IT and media stocks declined.

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

Both the benchmark indices were up 0.04% in morning trade, with Sensex at 59,656 points and Nifty50 at 17,626 points.

Top gainers and losers on Nifty50

Source: NSE, as on April 24, 2023

Earlier last week, Sensex and Nifty50 closed on a mixed note – while Sensex gained 0.3% last week, NIfty50 closed on a flat note.

Gold and crude oil prices continued to cool down. While gold fell below the INR 60,000 per 10 gram level after the Akshay Tritiya buying was over, Brent crude oil fell to $81 per barrel on Monday morning.

Global markets mixed

Markets globally were mixed on Monday morning. Markets in the US closed in the green on Friday, with Dow Jones gaining 0.07% and the S&P 500 gaining 0.09%. The tech-heavy Nasdaq closed 0.11% higher.

On the other hand, markets in Asia opened largely in the red on Monday morning, with Hang Seng declining 0.8%, followed by KOSPI which declined 0.75%. Shanghai Composite was down 0.5%, while Taiwan Weighted was flat. The Nikkei 225 index, on the other hand, gained 0.29%.

Stocks to watch

Reliance Industries: The Mukesh Ambani led company’s net profit increased 9.9% on year to ₹66,702 crore for FY23 while its revenue stood at ₹8.93 lakh crore, which grew 23.7% on year. Its Q4 net profit was highest ever at 19,299 crore beating analysts expectations.

ICICI Bank: The lender’s net profit for March quarter has jumped 30% on year to ₹9,121 crore beating analysts expectations. The bank’s net interest income surged 40.2% on year to ₹17,667 crore.

Wipro: The company is considering a buyback of equity shares of the company this week.

Maruti Suzuki: The automaker has recalled 7,213 units of its Baleno RS hatchback over a possible defect in the vacuum pump that assists its brake function.

Hindustan Zinc: The company reported 11.78% fall in consolidated net profit at ₹2,583 crore for March quarter on higher expenses. Its expenses stood at ₹5,358 crore higher than ₹4,717 crore from a year ago

Yes Bank: The lender has reported a huge 45% on year dip in its net profit at ₹202 crore in Q4 FY23. However, on a quarterly basis its profit rose 293% from ₹51 crore in the December quarter.

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