Stock Market: Sensex Jumps 150 Points, Nifty Trades Near 18,550 On Global Cues. Metals, Realty Lead
Stock update: On the 30-share Sensex platform, Kotak Bank, Tata Steel, UltraCemco, M&M, Titan, ITC were among the main winners
The two key equity benchmarks, Sensex and Nifty, on Friday opened higher tracking strength in global markets after the US Senate passed the debt ceiling bill with a wide margin, putting worries of a debt default to rest. At 9.50 am, the BSE Sensex jumped 146 points to 62,574. On the other hand, the NSE Nifty50 gained 49 points to 18,536.
On the 30-share Sensex platform, Kotak Bank, Tata Steel, UltraCemco, M&M, Titan, ITC were among the main winners. On the downside, Infosys, IndusInd Bank, Sun Pharma, HDFC, TCS, Asian Paints emerged losers in early trade.
#ABPLiveStockMarketWatch | Sensex and Nifty on Friday opened higher tracking strength in global markets.
— ABP LIVE (@abplive) June 2, 2023
At 09:38 AM, #Sensex went up by 211 points to 62,640 & #Nifty by 72 points to 18,560
Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/SjdaHW9yfM
In the broader markets, the BSE Midcap and Smallcap indices zoomed up to 0.7 per cent.
Sectorally, Nifty Metal and Realty indices rose the most with gains of 1 per cent each. Pharma pocket was the only index in red.
In the previous session on Thursday, the S&P BSE Sensex, which, had touched a high of 62,762, finally ended with a loss of 194 points at 62,429. On the other hand, the NSE Nifty gave-up the 18,500 level in late trades, and settled at 18,488, down 47 points.
GST collections recorded 12 per cent rise in May at over Rs 1.57 lakh crore, according to official data released on Thursday. Manufacturing activities in India advanced further and touched a 31-month high in May supported by stronger increase in new orders and favourable market conditions, which in turn generated more employment opportunities, a monthly survey said on Thursday.
"Apart from the better-than-expected FY23 GDP growth rate, high frequency indicators like GST collections, manufacturing PMI, auto sales in May and impressive credit growth indicate a robust and steadily improving economy," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green. The US markets ended higher on Thursday.
Global oil benchmark Brent crude jumped 0.70 per cent to $74.83 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 71.07 crore on Thursday, according to exchange data.
Meanwhile, the rupee gained 10 paise to 82.30 against the US dollar in early trade on Friday on broad dollar weakness and a positive trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 82.31 against the dollar and then rose to 82.30, registering a gain of 10 paise over its previous close.
On Thursday, the rupee closed at 82.40 against the US currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 103.47.