Sensex rises 123 points to close above 62,000-mark on gains in banking, auto shares
May 12, 2023, 17:50 IST
Benchmark BSE Sensex recovered from early lows to close at a five-month high on Friday, riding on gains in banking and auto stocks ahead of the release of key inflation data. The 30-share index gained 123.38 points or 0.20 per cent to settle at 62,027.90, the highest closing level since December 12, 2022.
The barometer opened lower due to early weakness in energy, power and IT stocks and touched a low of 61,578.15 in the day trade. Later, it rebounded on buying in financial and auto shares to hit a high of 62,110.93 points.
The broader NSE Nifty edged up 17.80 points or 0.1 per cent to close at 18,314.80 points. The 50-stock index rose by 245.8 points on weekly basis, marking its third straight week of gains.
Among Sensex scrips, Mahindra and Mahindra rose the most by 1.92 per cent. IndusInd Bank, Axis Bank, SBI, HDFC Bank, ICICI Bank, HUL, Bajaj Finance and HCL Tech were among the other gainers.
PowerGrid fell the most by 2.67 per cent, followed by NTPC (2.34 per cent) and Tata Steel (1.43 per cent). Ultratech Cement, Nestle, Sun Pharma, Infosys, L&T, Kotak Bank, TCS and Wipro also declined.
"A slew of weak economic data points from the US and China hinting towards a slower pace of economic growth disturbed the mood of the Asian market. The domestic market recovered in the second half as investors back home awaited the release of inflation data that is expected to cool down below 5 per cent," Vinod Nair, Head of Research at Geojit Financial Services, said.
Markets remained volatile for yet another session and ended almost on a flat note, Ajit Mishra, VP - Technical Research at Religare Broking Ltd, said.
"The tone was negative in the first hour, however, buying in index majors, especially from banking, financials and auto space helped the index to trim losses," Mishra said.
In the broader market, BSE smallcap index dropped by 0.08 per cent while BSE midcap fell 0.33 per cent.
Among major sectoral gainers, BSE Auto advanced 0.93 per cent, Bankex by 0.73 per cent, and Financial Services by 0.42 per cent.
Market breadth was negative as out of 3,638 stocks traded, 1,653 stocks advanced, 1,865 dropped and 120 closed unchanged on BSE.
Most Asian markets closed lower on looming worries over US banks and lagging demand from China. Hong Kong's Hang Seng dropped 0.5 per cent, Shanghai Composite by 1 per cent and South Korea's Kospi by 0.7 per cent. Japan's Nikkei 225 gained 0.9 per cent.
The US market ended mostly in the negative territory on Thursday.
The domestic inflation data for the month of April and industrial production for March is scheduled to be announced later in the day.
Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 1,014.06 crore, according to exchange data.
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The barometer opened lower due to early weakness in energy, power and IT stocks and touched a low of 61,578.15 in the day trade. Later, it rebounded on buying in financial and auto shares to hit a high of 62,110.93 points.
The broader NSE Nifty edged up 17.80 points or 0.1 per cent to close at 18,314.80 points. The 50-stock index rose by 245.8 points on weekly basis, marking its third straight week of gains.
Among Sensex scrips, Mahindra and Mahindra rose the most by 1.92 per cent. IndusInd Bank, Axis Bank, SBI, HDFC Bank, ICICI Bank, HUL, Bajaj Finance and HCL Tech were among the other gainers.
PowerGrid fell the most by 2.67 per cent, followed by NTPC (2.34 per cent) and Tata Steel (1.43 per cent). Ultratech Cement, Nestle, Sun Pharma, Infosys, L&T, Kotak Bank, TCS and Wipro also declined.
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Markets remained volatile for yet another session and ended almost on a flat note, Ajit Mishra, VP - Technical Research at Religare Broking Ltd, said.
"The tone was negative in the first hour, however, buying in index majors, especially from banking, financials and auto space helped the index to trim losses," Mishra said.
In the broader market, BSE smallcap index dropped by 0.08 per cent while BSE midcap fell 0.33 per cent.
Among major sectoral gainers, BSE Auto advanced 0.93 per cent, Bankex by 0.73 per cent, and Financial Services by 0.42 per cent.
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On other other hand, BSE Utilities dropped 1.83 per cent, Metal by 1.69 per cent, Oil & Gas by 1.13 per cent, Power by 1.19 per cent, Commodities by 0.99 per cent, and Energy by 0.77 per cent. Market breadth was negative as out of 3,638 stocks traded, 1,653 stocks advanced, 1,865 dropped and 120 closed unchanged on BSE.
Most Asian markets closed lower on looming worries over US banks and lagging demand from China. Hong Kong's Hang Seng dropped 0.5 per cent, Shanghai Composite by 1 per cent and South Korea's Kospi by 0.7 per cent. Japan's Nikkei 225 gained 0.9 per cent.
The US market ended mostly in the negative territory on Thursday.
The domestic inflation data for the month of April and industrial production for March is scheduled to be announced later in the day.
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Meanwhile, global oil benchmark Brent crude declined 0.45 per cent to USD 74.59 per barrel. Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 1,014.06 crore, according to exchange data.
SEE ALSO: Vi's loss is Jio and Airtel's gain: Jio and Airtel add nearly 1 million subscribers each in Feb
Adani-Hindenburg row: SC hints at granting SEBI extension on probe report, to decide on May 15