Sensex Today: Despite weak global indications, major benchmark indices rose by around 1% on Friday. The S&P BSE Sensex's primary index rose 390 points to settle at 56,072. An intraday high of 56,186 was reached by the index. On the other hand, the Nifty50 finished at 16,719, up 114 points. 16,752 was the highest point.
Top Gainers & Losers
The top gainers, each gaining over 2%, were Ultratech Cement, Grasim, UPL, HDFC, HDFC Bank, Eicher Motors, and ICICI Bank. On the other hand, Infosys, Tata Consumer Products, NTPC, and Power Grid saw their shares fall by more than 1%.
The Nifty Bank index increased 1.6% sectorally, followed by the Nifty PSU Bank index (up 1.5 percent). The Nifty IT decreased by 0.6%.
The BSE SmallCap index increased 0.2% while the BSE MidCap index decreased 0.2% in the overall market.
GSFC increased by more than 8%. In Q1FY23, the company's net profit more than doubled to Rs 355.83 crore from Rs 137.76 crore.
"The biggest positive for the bulls currently is the total reversal of FII activity from unrelenting selling until July to consistent purchasing now, though just for 4 days in a row," said Dr. VK Vijayakumar, chief investment strategist at Geojit Financial Services. Thus, it is doubtful that the 15,813-point low from June will be exceeded any time soon. This market rebound is extensive and hence robust, as evidenced by the Nifty Midcap's sharp comeback of 12. 73% over the past month. The domestic investors who bought while the FIIs sold have, at least in the short term, shown to be wiser.
"Market movement shortly will be influenced by the soon-to-be-released results of the major guys RIL, ICICI Bank, Infosys, and Kotak Bank. Markets are likely to benefit from the outcomes. While this is going on, the ECB has joined the other major DM central banks in sharply hiking rates and delivering a very hawkish message. Markets will stay volatile as long as the top central banks keep raising rates, he added.
After the European Central Bank (ECB) hiked rates for the first time in more than a decade and bets on the amount of U.S. rate hikes relaxed, Asian stock markets were on track for their best week in months and the dollar remained off recent record highs.
As the market assesses the future uncertainty following the European Central Bank's unexpected 50 basis point rate hike, Tokyo equities opened lower on Friday. The larger Topix index dropped 0.26 percent, or 5.04 points, to 1,945.55, while the benchmark Nikkei 225 index was down 0.30 percent, or 84.30 points, to 27,718.70 in early trading.
On Thursday, advances in heavyweight growth firms, including Tesla, and a late-afternoon rally helped to bolster Wall Street's major indexes. The S&P 500 closed at its highest point since June 9 while the Nasdaq, which is heavily weighted toward technology, climbed 1.4% to lead the gains. Dow Jones Industrial Average increased by 0.5%.
Meanwhile, concerns over demand led to a slight decline in crude oil prices. WTI Crude was trading at $96 per barrel, while Brent Crude was trading at around $104 per barrel.