Sensex Today: The Indian markets extended gains to a second session on Wednesday supported by positive global peers and selected financial and metal stocks.
The BSE Sensex dipped to a low of 60,569 during the day but firmed up to close 390 points higher at 61,046. The top winners that drove maximum gains on the index were Tata Steel, L&T, Wipro, HDFC twins and Bharti Airtel, which ended 1.6-2 per cent higher.
The NSE Nifty ended 112 points higher at 18,165, led by Hindalco, which gained 3 per cent, while Tata Motors, Ultratech Cement, HDFC Life, Adani Enterprises and IndusInd Bank restrained gains on the index and dropped up to 1.6 per cent.
The BSE Midcap and Smallcap indices ended with slimmer gains of 0.5 per cent and 0.2 per cent, respectively. Within sectors, the Nifty metal index closed with most strength, up 1.5 per cent, followed by financials and pharma pockets, while PSB index slumped the most by over 1 per cent.
Among stocks, Adani Enterprises closed 1.5 per cent down. The company has filed papers for its Rs 20,000-cr FPO, which will remain open between Jan 27-31. As per the RHP, it will use Rs 10,900 crore of the total proceeds towards capex in airport and green businesses.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “India’s outperformance in 2022 has been temporarily reversed in January 2023, till date, mainly due to FII outflows to other markets, mainly China. Consequently, Hang Seng and Shanghai Composite have appreciated by 9 percent and 4.4 percent respectively YTD while Nifty is down by around 0.3%. India’s current underperformance is likely to be temporary since India has the best growth and earnings prospects among large economies. However, concerns of global slowdown this year and the possibility of FIIs again turning sellers at higher levels will cap the upside to the market in the near-term. From now on Budget expectations also are likely to influence the market trend. IT stocks which have bounced back after the good Q3 results and high quality banking and capital goods stocks along with RIL have the strength to support the market.”
Global Cues
Asia-Pacific shares traded mixed as investors await the outcome of the Bank of Japan’s monetary policy meeting.
Japan’s Nikkei 225 climbed 0.66 per cent, Hong Kong’s Hang Seng index dropped 0.17 per cent, China’s Shanghai Composite added 0.13 per cent, Australia’s S&P/ASX 200 was flat, and the Kospi lost 0.68 per cent.
Overnight, the Dow Jones ended 1.14 per cent down on Tuesday, the S&P 500 fell 0.2 per cent, and the Nasdaq Composite gained 0.14 per cent.
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