Market turns range bound; IT shares advance
Published on May 02, 2023 11:33
The domestic benchmarks continued to trade in a narrow range with significant gains in mid-morning trade. The Nifty hovered near the 18,150 level. IT shares advanced for fourth consecutive trading session.
At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 293.75 points or 0.48% to 61,406.19. The Nifty 50 index added 82.65 points or 0.46% to 18,147.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.77% while the S&P BSE Small-Cap index gained 0.78%.
The market breadth was strong. On the BSE, 2,108 shares rose and 1,301 shares fell. A total of 191 shares were unchanged.
The gross Goods and Services Tax (GST) revenue collection grew by 12% in April to Rs 1.87 lakh crore. It is the highest monthly mop-up since the rollout of the indirect tax regime in July 2017. Previously, the highest GST collection was recorded in April last year at Rs 1.68 lakh crore. Meanwhile, the GST collection for March 2023 stood at Rs 1.60 lakh crores.
The Nifty IT index rose 1.38% to 28,090.70, extending gains for the fourth day in a row. The index jumped 4.09% in four trading sessions.
LTI Mindtree (up 4.36%), Tech Mahindra (up 3.78%), Mphasis (up 3.38%), Infosys (up 1.74%), Wipro (up 1.44%), L&T Technology Services (up 1.33%), Persistent Systems (up 1%), HCL Technologies (up 0.63%), Tata Consultancy Services (up 0.18%) and Coforge (up 0.11%) advanced.
Stocks in Spotlight:
TVS Motor Company rose 1.23%. The auto major said that total sales in the month of April 2023 were 306,224 units, recording a sales growth of 4% as compared with the same period last year. Total sales in April 2022 amounted to 295,308 units.
SBI Cards and Payment Services declined 0.06%. The NBFC reported a 2.7% rise in net profit to Rs 596.47 crore in Q4 FY23 from Rs 580.86 crore recorded in Q4 FY22. Total income jumped 29.9% year on year to Rs 3,916.57 crore in the quarter ended 31 March 2023.
Escorts Kubota fell 0.11%. The company said that its Agri Machinery business had sold 7,565 tractors in April 2023 as against 8,325 tractors sold in April 2022, recording a de-growth of 9.1% on YoY basis. Domestic tractor sales during the month fell by 5.5% to 7,252 units from 7,676 units sold in April 2022.
Asian stocks were trading mostly higher as most markets reopen after the long Labor Day weekend. Mainland Chinese markets are closed for a holiday Tuesday.
South Korea`s inflation rate softened to 3.7% in April, lower than March`s figure of 4.2%.
Investors will be closely watching Australia`s central`s bank to see if it will continue to hike interest rates, having held the benchmark policy rate at 3.6% in their last meeting.
U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week`s expected interest rate hike from the Federal Reserve. The Fed, which has been raising rates to cool inflation, is reportedly expected to hike rates an additional 25 basis points on Wednesday.
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