Sensex today: Importing gains from overseas, domestic benchmark indices extended gains on Monday. After a dismal week, Monday saw benchmark indices closing 1.4 per cent higher as a contraction in US services and a slower wage rise signalled that the economy may be cooling off, prompting bullish bets from investors.
The BSE Sensex jumped 989 points to the day’s high. It eventually settled 847 points higher at 60,747. The gains on the index were led by M&M, HCL Tech, TCS, IndusInd Bank, Bharti Airtel, Tech M, Infosys, Wipro, Reliance, Axis Bank and HUL, which rose 2-3.6 per cent.
The NSE Nifty ended at 18,101 with a gain of 242 points. Its additional winners included SBI Life, which gained 3 per cent. On the flip side, Titan, Bajaj Finserv, Maruti, Bajaj Auto, HDFC Life and Grasim were among the few losers.
Broader markets also gained in tandem with the frontline indices. The BSE Midcap and Smallcap indices closed 0.9 per cent and 0.5 per cent up, respectively.
Within sectors, Nifty IT gained the most, up 3 per cent, followed by oil & gas, metal, auto PSB indices that logged in over 1 per cent gains each.
Among buzzing stocks, Kalyan Jewellers ended 4 per cent higher after the company’s consolidated revenue grew 13 per cent in the December quarter (Q3FY2023) as compared to the same period last year.
Naveen Kulkarni, Chief Investment Officer, Axis Securities, said: “Indian markets have opened in the green today on the back of a rally in the global equity markets due to various factors. This includes softer-than-expected wage growth in the US and commentary by Fed’s Evans on Friday, where he expects a slower rate increase by the US Fed, including a possibly 25 bps increase in the upcoming policy meeting. Additionally, further opening by both HK and China from the remaining Covid-related border controls, and kick-off in Q3 corporate earnings, where TCS is all set to announce their results today, are some of the other reasons for a green opening. From a medium-term perspective, we believe the market will continue to remain volatile. The market direction will be determined by the upcoming result season, where we could see the first signs of earnings momentum weakening and the announcement of the Union budget, scheduled on 1st February 2023.”
Global cues
Asia-Pacific shares started higher today as Hong Kong and mainland China resumed quarantine-free travel over the weekend, signaling the end of zero-Covid policy after nearly three years. South Korea’s Kospi rose 2.06 per cent, the Kosdaq gained 1.66 per cent, the S&P/ASX 200 gained 0.75 per cent.
Japan’s markets were closed to observe Coming of Age Day, a public holiday.
Last Friday, Wall Street’s main indexes all gained more than 2 per cent after December payrolls expanded more than expected even as wage increases slowed and services activity contracted, easing worries about the Federal Reserve’s interest rate hiking path.
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