Indices trade with decent gains, bank stocks advance
Published on May 18, 2023 11:34
The domestic equity benchmarks continued to trade with moderate gains in mid-morning trade. The Nifty hovered above the 18,200 level. Financial services, private bank and bank stocks advanced while realty, pharma and healthcare share declined. Trading was volatile due to expiry of weekly index options on the NSE.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 209.54 points or 0.34% to 61,770.18. The Nifty 50 index rose 52.65 points or 0.29% to 18,234.40.
In the broader market, the S&P BSE Mid-Cap index added 0.13% while the S&P BSE Small-Cap index gained 0.43%.
The market breadth was strong. On the BSE, 1,946 shares rose and 1,266 shares fell. A total of 166 shares were unchanged.
Investor sentiment improved on progress in debt ceiling negotiations in the United States. U.S. President Joe Biden and the US congressional Republican Kevin McCarthy reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default.
The Nifty Bank index rose 0.73% to 44,017.75. The index shed 0.85% in the past two trading sessions.
AU Small Finance Bank (up 1.83%), Bandhan Bank (up 1.52%), Axis Bank (up 1.3%), Kotak Mahindra Bank (up 1.06%), ICICI Bank (up 0.97%), IDFC First Bank (up 0.9%), HDFC Bank (up 0.59%), Punjab National Bank (up 0.51%), State Bank of India (up 0.38%) and Federal Bank (up 0.2%) advanced.
Stocks in Spotlight:
Mtar Technologies slipped 5.35%. The company reported 56.9% jump in consolidated net profit to Rs 31.07 crore in Q4 FY23 as compared with Rs 19.80 crore in Q4 FY22. Revenue from operations surged 99.2% to Rs 196.40 crore in Q4 FY23 as compared with Rs 98.58 crore posted in corresponding quarter last year. As 31 March 2023, the order book stood at Rs 1,172.9 crore.
Glaxosmithkline Pharmaceuticals shed 0.50%. The company reported 89.1% decline in net profit to Rs 133.43 crore in Q4 FY23 as compared with Rs 1,219.05 crore in Q4 FY22. Revenue from continuing operations fell by 2.7% year on year to Rs 787.45 crore during the quarter.
Siyaram Silk Mills jumped 7.74% after the company`s standalone net profit grew 12.7% to Rs 88 crore on 10.6% increase in revenue from operations to Rs 695 crore in Q4 March 2023 over Q4 March 2022.
Asian stocks were trading higher on hopes of U.S President Joe Biden and congressional leaders inching closer to a deal to raise the U.S. debt ceiling and avoid a default.
Japan`s trade deficit has narrowed by almost half in April, falling to 432.41 billion from 854.93 billion a year ago.
Wall Street stocks advanced on Wednesday as investors grew more confident the White House would reach a deal with Congress to avoid a government default.
US president Joe Biden on Wednesday said he was �confident� about reaching a budget agreement with Congress to avoid a default on US debt, and left the door open to meeting a central Republican demand of adding work requirements to social safety net programmes.
Treasury secretary Janet Yellen has warned the US could default on its debt as early as next month, with the issue prompting Biden to cut short his forthcoming overseas trip.
Traders digested the release of the eurozone`s final harmonised index of consumer prices for April, which posted a slight increase in the annual rate to 7%, up from 6.9% in March.
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