Sensex, Nifty50 trend higher led by gains in Tata Motors, Infosys, Tata Steel and L&T

• The ongoing corporate results and the easing of retail inflation to an 18-month low of 4.7% in April are supporting the market sentiments.
• The latest inflation print is nearing the lower limit of RBI’s 4-6% target, raising hopes that the central bank will continue to keep the key interest rate unchanged.
• At 12:25 am, the Sensex was up by 0.62% at 62,415 while the Nifty50 was up by 0.59% at 18,422.

India’s benchmark indices Sensex and the Nifty50 were trading higher on Monday led by gains in shares of Tata Motors, Infosys, Tata Steel, and Larsen & Toubro amid positive cues from global markets.

Besides, the ongoing corporate results and the easing of retail inflation to an 18-month low of 4.7 % in April are also supporting the market sentiments. The latest inflation print is nearing the lower limit of the Reserve Bank of India’s (RBI) 4-6% target, raising hopes that the central bank will continue to keep the key interest rate unchanged.

At 12:25 a.m, the Sensex was up by 387 points, or 0.62%, at 62,415 while the Nifty50 was up by 107 points, or 0.59%, at 18,422.

“The macro picture is mixed with declining consumer price index (CPI) inflation but a worrisome dip in March IIP (index of industrial production) at 1.1%. But from the market perspective the news is good since the RBI can be expected to ‘extend the pause’ in the June policy meet. The market construct favours buy on dips with focus on autos and financials. The Bank Nifty is slowly moving to record highs,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

Last week, both the indices ended on a positive note despite heightened volatility in equity markets around the world – both the Sensex and the Nifty50 closed the week with gains of 0.7%.

On the Nifty50, Tata Motors, Tech Mahindra, Hero MotoCorp, Infosys and Power Grid Corporation were top five gainers on Monday rising between 1.5%-2.7%. Meanwhile, Adani Enterprises, Cipla, Divi’s Lab, Grasim Industries and BPCL were top losers on the index, losing 0.66%-2.5%.

Here are the top movers on the Nifty500

Top gainers	% change	Top losers	% change
Zensar Technologies	9.5%	Adani Total Gas	-4.9%
Great Eastern Shipping Company	6.8%	Adani Transmission	-4.8%
Jindal Worldwide	6.5%	Data Patterns	-3.2%
Mahindra Lifespace Developers	6.4%	Home First Finance	-3.5%
EPL	6.3%	Kennametal India	-3.5%

Gold and silver prices edged lower, with gold at ₹60,900 per 10 gram while silver was hovering at ₹73,100 per kilogram. Crude oil prices also cooled, with Brent crude hovering at $73.7 per barrel.

Global markets mixed
The US’ debt ceiling fueled concerns amongst investors, with global equity markets heading lower. While the Dow Jones closed flat on Friday, the S&P 500 dipped 0.16%. The tech-heavy Nasdaq fell 0.36%.

On Monday, Asian markets were trading on the positive side as Hang Seng gained 1.18%, the Nikkei 225 was up 0.71%, the Shanghai Composite rose over 1% while the KOSPI was up 0.1%. Meanwhile, Taiwan TSEC 50 was down 0.18%

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