Sensex extends rally for fourth day, tracking positive global cues
May 30, 2023
Mumbai (Maharashtra) [India], May 30 : Domestic equity market ended with gains on Tuesday, tracking positive global cues. With the fourth quarter GDP expected Wednesday, investors seem to be on a wait-and-watch mode. Meanwhile, US markets traded in the green after a possibility of a deal surfaced over the debt ceiling issue.
BSE 30-share Sensex went up 123 points to settle at 62,969.13 and NSE Nifty surged 32 points and ended at 18,633.85 on Tuesday. According to data, about 1,640 shares advanced, 1,766 shares declined, and 112 shares unchanged.
Nifty Metal index ended down 0.91 per cent at 5936.55 on Tuesday. The index is up 2 per cent over last one month. Among the constituents, Vedanta slipped 4.91 per cent, Jindal Stainless Ltd shed 2.83 per cent and National Aluminium Company dropped 2.15 per cent.
On Nifty, top gainers were HCL Technologies, Bajaj Finance, Kotak Mahindra Bank, Bajaj Finserv and HDFC Life while laggards were Tech Mahindra, Tata Steel and Hindalco.
In Asian markets, Hong Kong's Hang Seng went up 44 points, Japan's Nikkei gained 94 points, HNX 30 gained 4 points, Thailand Set went down 6 points, KSE 100 gained 315 points and China's Shanghai gained 2 points.
In US markets, Dow Jones went up 328 points while Nasdaq, NYSE, S&P 500 and S and P 500 were trading in the positive territory.
In European markets, Amsterdam Exchange, BEL and CAC were trading in the negative territory, FTSE 250 gained 75 points and IBEX 35 went up 27 points.
The rupee fell to 82.71 versus the dollar, compared to 82.6250 on Monday. It dropped to as low as 82.7850 during the session.
Domestic Institutional Investors (DII) turned net buyers on Monday with Rs 853.57 crore.
Foreign Institutional Investors (FII) were also net buyers with Rs 1,758.16 crore on Monday's closing.
Vinod Nair, Head of Research at Geojit Financial Services, said, "The domestic market continued its rally as recent Q4 (fourth quarter) results indicated improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile."
"The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ (quarter-on-quarter) growth in Q4 FY23 GDP vs. 4.4 per cent in Q3," he added.
