Friday, March 24, 2023

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Sensex surges 721 points as PSU Bank shares shine; Nifty settles at 18,015

NEW DELHI: Equity indices surged on Monday after 4 days of losses amid positive cues from global markets.
The 30-share BSE benchmark rallied 721.13 points or 1.2% to settle at 60,566. During the day, it jumped 988 points or 1.65% to 60,834.
On similar lines, the broader NSE Nifty advanced 207.80 points or 1.17% to end at 18,015.
IndusInd Bank, SBI, Tata Steel, Bajaj Finserv, ITC and Axis Bank were the top gainers in the sensex pack.
While, Nestle, Kotak Mahindra Bank, Bharti Airtel, HCL Technologies and Hindustan Unilever were the major losers.
Metal stocks rose more than 2%, tracking the rise in metals on the weak dollar and hopes of better demand after top consumer China pledged to boost its economy and real estate sector.
Financials rose, with banks and public sector banks rising more than 2.3% and 7%, respectively.
Among individual stocks, Tata Motors rose nearly 2%, after signing an electric bus deal with Delhi Transport Corp.
According to experts, risk apetite of investors improved after mixed US data bolstered bets of smaller Federal Reserve rate hikes.
Data on Friday showed US personal income rose more than expected last month, while consumer spending barely rose and inflation cooled further, rekindling bets of smaller-sized rate hikes from the Federal Reserve and improving risk appetite.
“I expect the markets to recover sharply as the punishment meted out on Thursday and Friday was unwarranted,” G Chokkalingam, founder and head of research at Equinomics Research and Advisory told Reuters.
International oil benchmark Brent crude climbed 3.63% to $83.92 per barrel.
Meanwhile, foreign institutional investors (FIIs) offloaded shares worth a net of Rs 706.84 crore on Friday, according to exchange data.
(With inputs from agencies)

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