Nifty climbs above 18,550; Hero MotoCorp rallies over 3%
Published on Jun 02, 2023 13:38
The key equity indices extended gains and marched towards the day`s high in afternoon trade. The Nifty climbed above the 18,550 mark after hitting day`s low of 18,478.40 in morning trade. Realty, PSU bank and media shares advanced while oil & gas and IT stocks corrected.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 243.36 points or 0.39% to 62,671.90. The Nifty 50 index added 69 points or 0.37% to 18,556.75.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.51% while the S&P BSE Small-Cap index advanced 0.67%.
The market breadth was strong. On the BSE, 2,196 shares rose and 1,248 shares fell. A total of 154 shares were unchanged.
Fending off a US default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden`s desk to become law before the fast-approaching deadline.
The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election.
Gainers & Losers:
Hero MotoCorp (up 3.34%), Hindalco Industries (up 2.35%), Apollo Hospitals Enterprise (up 1.68%), Dr. Reddy`s Laboratories (up 1.24%) and Mahindra & Mahindra (up 1.22%) were major Nifty gainers.
Adani Enterprises (down 1.93%), Eicher Motors (down 1.10%), Divi`s Laboratories (down 0.73%), HCL Technologies (down 0.69%) and HDFC Life Insurance Company (down 0.48%) were top Nifty losers.
Hero MotoCorp added 3.34%. The company sold 519,474 units in May 2023, a growth of 7% over the corresponding month of May 2022, when the company had sold 486,704 units.
Eicher Motors shed 1.10%. The company`s total motorcycles sales rose 22% to 77,461 units in May 2023 from 63,643 units sold in May 2022.
Stocks in Spotlight:
Tata Motors rose 0.43%. Sales in the domestic & international market for May 2023 stood at 74,973 vehicles, compared to 76,210 units during May 2022.
TVS Motor Company gained 2.07%. The company registered a sales growth of 9% increasing from 302,982 units in May 2022 to 330,609 units in May 2023.
Adani Ports and Special Economic Zone added 0.53%. The company announced that it handled 36 million metric tones (MMT) of total cargo in May 2023, implying a YoY growth of 19%.
Aditya Birla Capital (ABCL) rose 0.84%. ABCL announced that its board of directors approved preferential issuance of Rs 1,250 crore to its Promoter and Promoter Group entity, out of the total approved equity fund raise of upto Rs. 3,000 crore. The preferential issuance will be undertaken at the price of Rs. 165.1 per equity share.
European and Asian stocks advanced across the board on Friday after the US Senate approved the bill to raise the national debt limit through 2024, thereby fending off a first-ever default by the US on its debt obligations.
The US Senate has passed a House-approved bill to raise the debt ceiling and cap government spending for two years, sending the legislation to President Joe Biden`s desk .
"No one gets everything they want in a negotiation, but make no mistake: This bipartisan agreement is a big win for our economy and the American people,� Biden said in a statement after the vote.
In a statement after the Senate vote, Moody`s said the resolution to the debt ceiling crisis was in line with its expectation and indicated that it was not considering a downgrade of U.S. debt.
Focus now shifts to the Labor Department`s closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes.
US stocks advanced on Thursday after the U.S. House passed a debt ceiling bill in a crucial step to avoid a default, with the measure moving to the Senate.
Comments from US Fed officials signaled that the Fed is likely to keep the interest rates steady, with Philadelphia Federal Reserve President Patrick Harker saying US central bankers should not raise interest rates at their next meeting.
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