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Nifty trades above 18,150 mark; market breadth strong

Published on Jan 24, 2023 09:26

The key equity benchmarks traded with decent gains in morning trade. The Nifty traded above the 18,150 level. IT, banks and autos advanced while realty and healthcare stocks lagged behind.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 236.24 points or 0.39% to 61,177.91. The Nifty 50 index added 62.45 points or 0.34% to 18,181.

Infosys (up 1%), IndusInd Bank (up 0.83%), Asian Paints (up 0.72%), Bajaj Finserv (up 0.68%) and Wipro (up 0.64%) were the top Nifty gainers.

Bharti Airtel (down 0.61%), Power Grid Corp (down 0.51%), Grasim (down 0.50%), SBI Life (down 0.42%) and JSW Steel (down 0.37%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index gained 0.13% while the S&P BSE Small-Cap index rose 0.41%.

The market breadth was strong. On the BSE, 1,779 shares rose, and 801 shares fell. A total of 121 shares were unchanged.

Stocks in Spotlight:

Axis Bank shed 0.55%. The private lender`s net profit surged 61.94% to Rs 5,853.07 crore on 27.44% increase in total income to Rs 26,891.87 crore in Q3 FY23 over Q3 FY22.

Tata Motors rose 1.79%. The company has confirmed that the voluntary delisting of its American Depositary Shares (ADS), representing ordinary shares of the company, from the New York Stock Exchange (NYSE) will become effective close of trading on the NYSE on 23 January 2023. This follows the filing by the company of Form 25 with the Securities and Exchange Commission on 13 January 2023.

Poonawalla Fincorp jumped 5.29%. On a consolidated basis, the NBFC reported 44.2% rise in net interest income to Rs 482 crore on 89.1% rise in profit after tax to Rs 182 crore in Q3 FY23 over Q3 FY22.

Global Markets:

Markets in Asia advanced on Tuesday as investor confidence surged into the Lunar New Year with China lifting its stringent Covid curbs and on rising hopes that the end to interest rate hikes may finally be in sight.

US stocks closed sharply higher on Monday, fuelled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.

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