Sensex, Nifty at the high point of the day; European markets edge lower

The key equity barometers surged and were currently at the day`s high in afternoon trade. The Nifty hovered near the 17,700 mark. Markets in Europe and Asia traded in the red today.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 252.71 points or 0.42% to 59,907.77. The Nifty 50 index added 69.15 points or 0.39% to 17,693.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.34% while the S&P BSE Small-Cap index gained 0.41%.

The market breadth was positive. On the BSE, 1,836 shares rose and 1,641 shares fell. A total of 179 shares were unchanged.

Stocks in Spotlight:

Reliance Industries (RIL) rose 0.41%. The Mukesh Ambani-led diversified company reported 19.1% increase in consolidated net profit to Rs 19,299 crore on 2.7% rise in net sales to Rs 212,945 crore in Q4 FY23 over Q4 FY22.

Wipro added 2.58%. The meeting of the board of directors of the company is scheduled on 27 April 2023 to consider and approve a proposal to buyback equity shares of the company.

ICICI Bank gained 2.33%. The private lender`s standalone net profit surged 29.9% to Rs 9,121.87 crore on 31.73% jump in total income to Rs 36,108.88 crore in Q4 FY23 over Q4 FY22.

HDFC Bank rose 0.68% while HDFC advanced 0.81%. HDFC Bank said that the Reserve Bank of India (RBI) has allowed the bank to meet priority sector lending requirements post the merger with Housing Development Finance Corporation (HDFC) in a gradual manner, up to three years.

Adani Ports and Special Economic Zone was up 0.52%. The company informed that its finance committee has approved a tender offer to purchase for cash up to US$130 million in aggregate principal amount of the outstanding 3.375% senior notes due 2024. The finance committee has also approved the tender offer memorandum to be issued to the noteholders of the notes, the dealer manager agreement to be entered into between the company and the dealer managers, and any other documents that may be required to be executed, in relation to the tender offer.

Sun Pharmaceutical Industries slipped 1.73%. The US drug regulator directed the company to take certain corrective actions at the Mohali facility before releasing further final product batches into US. The drug maker announced that it has received a letter titled `Consent Decree Correspondence/Non-Compliance Letter` from the United States Food and Drug Administration (USFDA).

The actions include, among others, retaining an independent certified good manufacturing practices (CGMP) expert to conduct batch certifications of drugs manufactured at the Mohali facility.

Global Markets:

European markets opened lower while their Asian peers mostly declined on Monday as investors turned cautious ahead of action-packed week that includes key economic releases as well as earnings from the region`s top lenders and big tech companies on Wall Street.

Some Southeast Asian markets are closed today for a holiday, including Singapore, Malaysia and Indonesia. Singapore will release its inflation figures for March on Monday.

Singapore`s core inflation slowed to 5% in March on a year-on-year basis, slightly lower than economists expectations of 5.1%. Singapore`s core inflation slowed to 5% in March on a year-on-year basis, slightly lower than economists expectations of 5.1%.

Over the weekend, Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale.

US stocks ended little changed Friday as investors evaluated the latest earnings results and concerns of disappointing profits. Investors mostly focused on corporate earnings, which were mixed.

Business activity in the U.S. accelerated by more than expected in April. S&P Global`s flash composite U.S. purchasing managers` index came in at 53.5, the highest mark in 11 months.

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