Sensex, Nifty50 rise in morning trade led by metal, energy and IT stocks: Adani Enterprises top gainer

• India’s benchmark indices Sensex and Nifty50 gained in morning trade on Tuesday amidst mixed global cues.
  
• The gains were led by metal, energy and IT stocks.
  
• All the ten Adani group companies continued to rally on Tuesday – the group’s combined market capitalisation is now up by ₹1.96 lakh crore in the last two days.

India’s benchmark indices Sensex and Nifty50 gained in morning trade on Tuesday amidst mixed global cues. The gains were led by metal, energy and IT stocks.

All the ten Adani group companies continued to rally on Tuesday – the group’s combined market capitalisation is now up by ₹1.96 lakh crore in the last two days.

While the 30-stock Sensex was up by 0.4% or 247 points to 62,211, the 50-stock Nifty50 was up by 0.5% or 88 points to 18,403.

Top gainers and losers on Nifty50

Source: NSE, as on May 23, 2023
Earlier on Monday, markets closed in the green, with Sensex gaining 0.4% and Nifty50 gaining 0.6% led by a rally in metal and IT stocks.

Gold prices edged lower to ₹60,300 per 10 grams while silver was hovering at ₹72,700 per kilogram. Crude oil prices edged up, with Brent crude hovering at $76 per barrel.

Global markets remain uncertain

Global markets remained uncertain amidst slow progress on the US debt ceiling talks. While Dow Jones fell 0.42%, S&P 500 closed flat on Monday. The tech-heavy Nasdaq rose 0.5%.

Asian markets were also similarly mixed, with KOSPI rising 0.76%, followed by Nikkei 225 which was up 0.64% on Tuesday morning. Taiwan Weighted gained 0.31%. However, Hang Seng was down 0.13% while Shanghai Composite fell 0.61%.

Stocks to watch

Shree Cement: The cement maker reported a 20% YoY decline in its consolidated net profit to ₹526 crore, while revenue was up 17% to ₹5,100 crore. The company’s board declared an interim dividend of ₹55 per share.

Bharat Petroleum: The state-run company reported a 168% YoY rise in net profit to ₹6,870 crore, while its revenue increased 8% to ₹1.33 lakh crore. It announced a dividend of ₹4 per share.

PB Fintech: Policybazaar operator PB Fintech reported a net loss of ₹9 crore in Q4, as compared to ₹220 crore a year ago. Insurance premium rose 65% YoY to ₹3,586 crore while credit disbursal increased 53% to ₹3,357 crore.

Bharti Airtel, Vodafone Idea: Bharti Airtel added 1 million subscribers in March while Vodafone Idea reported a decline of 1.2 million subscribers.

Vedanta: The company declared the first interim dividend of FY24 at ₹18.5 per share.

Earnings today: NMDC, Dixon Technologies, Biocon, Amara Raja Batteries, Bajaj Electricals, JSW Energy, Bikaji Foods, CMS Info Systems, Metro Brands, among others.

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