Sensex rises 155 pts, broader mkt outperforms
Published on Jun 07, 2023 10:31
The benchmark indices traded with moderate gains in morning trade. The Nifty traded above the 18,650 mark. All the sectoral indices on the NSE were in the green with FMCG, realty and media stocks gaining the most.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 155.26 points or 0.25% to 62,948.14. The Nifty 50 index gained 63.10 points or 0.34% to 18,662.10.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.90% while the S&P BSE Small-Cap index advanced 0.96%.
The market breadth was strong. On the BSE, 2,243 shares rose and 975 shares fell. A total of 158 shares were unchanged.
The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) began on Tuesday, 6 June 2023. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023. The RBI is reportedly likely to keep the policy repo rate unchanged, drawing comfort from the gradual easing of inflation.
According to World Bank report, India will remain the fastest-growing economy (in terms of both aggregate and per capita GDP) of the largest EMDEs.
Growth in India is expected to slow further to 6.3% in FY2023/24 (April-March), a 0.3% point downward revision from January. This slowdown is attributed to private consumption being constrained by high inflation and rising borrowing costs, while government consumption is impacted by fiscal consolidation.
Growth is projected to pick up slightly through FY2025/26 as inflation moves back toward the midpoint of the tolerance range and reforms payoff.
The Nifty Media index rose 0.84% to 1,813. The index shed 0.14% in the past trading session.
Navneet Education (up 2.05%), Hathway Cable & Datacom (up 1.77%), Zee Entertainment Enterprises (up 1.26%), TV18 Broadcast (up 1.05%), Network 18 Media & Investments (up 0.99%), New Delhi Television (up 0.87%), Sun TV Network (up 0.25%), Nazara Technologies (up 0.2%) edged higher.
On the other hand, Dish TV India (down 0.36%) and PVR Inox (down 0.09%) declined.
Stocks in Spotlight:
Va Tech Wabag rallied 3.96%. The water treatment company has secured a contract worth approximately Rs 420 crore for the construction, operation, and design of a water treatment plant (WTP) in Jite, Raigad. The WTP will have a capacity of 270 million litres per day (MLD) and will cater to the future water demand of Navi Mumbai.
Engineers India (EIL) gained 1.77% after the company bagged service supply contracts from National Aluminium Company (NALCO) and Jindal Steel and Power Limited (JSPL) worth Rs 20.55 crore.
G R Infraprojects rose 1.25% after the company`s wholly owned subsidiary, GR Hasapur Badadal Highway, executed concession agreement with National Highways Authority of India (NHAI) for Rs 872.17 crore on 6 June 2023.`
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