Mumbai, June 2 Benchmark indices were trading in the green during the afternoon on Thursday.
Market started off on a weak note amid weak global cues. Indices recovered from early losses edging higher during closing hours, mainly driven by oil & gas, IT and metal stocks.
The BSE Sensex closed at 55,818.11, up 436.94 points or 0.79 per cent. It recorded an intraday high of 55,891.92 and a low of 55,135.11. The Nifty 50 closed at 16,628.00, up 105.25 points or 0.64 per cent, near the day’s high of 16,646.40. It recorded an intraday low of 16,443.05.
Breadth remains positive
The market breadth remained positive with 1,970 stocks advancing on the BSE as against 1,339 that declined, while 135 remained unchanged. Furthermore, 16 stocks hit the upper circuit as compared to the four stocks that were locked in the lower circuit. Besides, 67 stocks touched a 52-week high level and 44 touched a 52-week low.
Market remained volatile ahead of F&O expiry.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd said, “After a subdued start, markets bounced back sharply on the back of renewed optimism as investors lapped up shares of the recently beaten-down IT and oil & gas stocks. In fact, Indian shares outperformed other Asian peers, which mostly ended in the red.”
Vinod Nair, Head of Research at Geojit Financial Services said, “The bounce in the market is showing signs of getting extended further supported by a mid and small-cap. High-frequency data like GST collection and PMI have shown a good start to FY23. Crude prices have declined providing an edge to the performance of the Indian market. However, a lot will depend on central bank’s policy in India and US, which will be announced in the next two weeks”
Additionally, SBI Research has projected the growth for the Indian economy at 7.5 per cent in 2022-23, an upward revision of 20 basis points from its earlier estimate.
Reliance, Bajaj Finserv, Sun Pharma, TCS and HCL Tech were the top gainers on the Nifty 50 while Apollo Hospitals, Hero Motocorp, Eicher Motor, HDFC and Powergrid were the top losers.
Auto under pressure
On the sectoral front, a majority of indices closed in the green. While IT, oil & gas, metal, PSU Bank and realty gained, auto and financials services dragged.
Nifty Oil & Gas was up over 2 per cent while Nifty IT was up nearly 2 per cent at closing. Nifty Metal and Nifty PSU Bank were up over 1 per cent each. Nifty Realty closed nearly 1 per cent higher.
Meanwhile, Nifty Auto was down 0.62 per cent while Nifty Financial Services was down 0.33 per cent.
Broader market also recovered from early losses.
Nifty Midcap 50 was up 0.51 per cent while Nifty Smallcap 50 was up 0.63 per cent. The S&P BSE Midcap was down 0.04 per cent while the S&P BSE Smallcap was up 0.60 per cent.
The volatility index softened 2.51 per cent to 20.32.