Sensex adds 46 pts; European shares trade mixed
Published on May 30, 2023 13:35
The key equity indices traded with small gains in the afternoon trade. The Nifty traded above the 18,600 level after hitting day`s low of 18,575.50. Media, FMCG and private bank shares advanced while metal, PSU bank and pharma stocks corrected.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 46 points or 0.07% to 62,892.38. The Nifty 50 index added 15.70 points or 0.08% to 18,614.35.
In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index advanced 0.18%.
The market breadth was almost negative. On the BSE, 1,624 shares rose and 1,758 shares fell. A total of 144 shares were unchanged.
Despite lower chances of a U.S. default, investors remained on edge as the possibility of a recession in the world`s largest economy this year, coupled with rising tensions with China, could greatly limit capital flows into regional markets.
Gainers & Losers:
ITC (up 2.45%), HCL Technologies (up 1.38%), Apollo Hospitals Enterprise (up 1.18%), Ultratech Cement (up 1.01%) and Kotak Mahindra Bank (up 1.01%) were major Nifty gainers.
Hindalco Industries (down 1.71%), HDFC Life Insurance Company (down 1.25%), Sun Pharmaceutical Industries (down 1.04%), Tech Mahindra (down 0.97%) and Tata Steel (down 0.97%) were top Nifty losers.
Stocks in Spotlight:
Adani Transmission fell 2.44%. The power transmission company`s consolidated net profit surged 85% to Rs 440 crore on 17% rise in revenue to Rs 3,031 crore in Q4 FY23 over Q4 FY22.
IRCTC rose 0.53%. On standalone basis, the company`s net profit rose to Rs 278.79 crore in Q4 FY23 as against net profit of Rs 213.78 crore posted in Q4 FY22. Total income rose to Rs 1004.28 crore in the quarter ended 31 March 2023 from Rs 716.79 crore recorded in Q4 FY22.
Sobha added 2.36%. The company reported consolidated net profit of Rs 47.1 crore in Q4 FY23 as against a net profit of Rs 15.2 crore in Q4 FY22. Total income rose to Rs 1240.1 crore in the quarter ended 31 March 2023 from Rs 743.8 crore recorded in Q4 FY22.
Torrent Power advanced 0.88%. The company reported consolidated net profit of Rs 483.93 crore in Q4 FY23 as against a net loss of Rs 487.37 crore in Q4 FY22. Total income rose to Rs 6133.70 crore in the quarter ended 31 March 2023 from Rs 3840.59 crore recorded in Q4 FY22.
Jubilant Pharmova slumped 7.26%. The company reported consolidated net loss of Rs 101 crore in Q4 FY23 as against a net profit of Rs 59 crore in Q4 FY22. Total income rose to Rs 1678 crore in the quarter ended 31 March 2023 from Rs 1528 crore recorded in Q4 FY22.
Hikal climbed 9.68% after the company`s consolidated net profit soared 74% to Rs 36 crore on 7.4% increase in net sales to Rs 537.90 crore in Q4 March 2023 over Q4 March 2022.
European shares traded mixed while Asian markets traded mostly higher on Tuesday as optimism over a deal to raise the U.S. debt ceiling was offset by fears of worsening ties between Beijing and Washington, amid renewed sparring between the two over trade and political sanctions.
As per reports, China declined to a request for a meeting between U.S. defense secretary Lloyd Austin and Chinese defense minister Li Shangfu at a forum in Singapore later this week.
The move comes as relations between the two countries stew at their worst level in decades, after the shooting down of an alleged Chinese spy balloon over U.S. airspace earlier this year.
China recently blocked local sales of U.S. chipmaker Micron Technology Inc, an apparent response to strict curbs on semiconductor sales to certain Chinese entities placed by the U.S. and its allies earlier this year.
Worsening ties between the two countries also come amid waning optimism over a Chinese economic recovery this year, with focus now chiefly on manufacturing and service sector activity readings for May, due on Wednesday.
US markets were closed on Monday on the occasion of Memorial Day.
President Joe Biden and House Speaker Leader Kevin McCarthy reached a deal over the weekend to raise the United States` $31.4 trillion debt ceiling and avert a debt default.
The US Congress is likely to vote on the legislation on Wednesday, but some of the Republican lawmakers are said to oppose the bill, signaling that its passage would not be easy before the US runs out of money.
Powered by Capital Market - Live News