Stock Market: Sensex Reclaims 63,000, Nifty Trades Over 18,600 On Strong Global Cues. M&M Leads

Stock update: On the 30-share Sensex platform, M&M, HDFC twins, Bajaj twins, IndusInd Bank, Axis Bank, ITC, SBI were among the lead winners. Sun Pharma, Maruti, PowerGrid, and HCL were the losers

In the broader markets, the BSE MidCap and SmallCap indices rose up to 0.5 per cent.

The two key equity benchmarks, Sensex and Nifty, on Monday, rallied tracking positive global sentiment after the US reached a tentative deal to raise the borrowing limit over the weekend. The Sensex reclaimed 63,000 in early morning trade, however, dipped a little during intra-day trade. 

At 11.45 am, the BSE Sensex went up by 454 points to 62,955. On the other hand, the NSE Nifty was trading at 18,623, up 124 points.

On the 30-share Sensex platform, M&M, HDFC twins, Bajaj twins, IndusInd Bank, Axis Bank, ITC, SBI were among the lead winners. On the downside, Sun Pharma, Maruti, PowerGrid, and HCL were the losers.

#ABPLiveStockMarketWatch | Sensex and Nifty rallied tracking positive global sentiment on Monday

At 10:00 AM, #Sensex gained 385 points to 62,887 & #Nifty rose 101 points to close at 18,600

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/SDtD77C2i2

— ABP LIVE (@abplive) May 29, 2023

Among specific stocks, M&M led gains on Sensex, rising 5 per cent due to strong Q4 earnings. ONGC fell 4 per cent on posting Rs 248-crore loss in Q4 on tax provisions. Greaves Cotton slumped 8 per cent after the government directed its arm Greaves Electric Mobility to return EV subsidy of around Rs 124 crore.

In the broader markets, the BSE MidCap and SmallCap indices rose up to 0.5 per cent.

Sectorwise, Nifty Financial index led gains, rising 1.45 per cent. Nifty Bank also notched a new high of 44,440.

In the previous session on Friday, the BSE Sensex surged 629 points to end at 62,502. On the other hand, the NSE Nifty50 settled at 18,499, up 178 points.

"The ‘in principle’ deal on US debt ceiling is a near-term relief to stock markets and, therefore, can aid continuation of the ongoing rally which can take Nifty to new record highs," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

In Asian markets, Tokyo, and Shanghai were trading in the green, while Hong Kong quoted lower. The US market ended with significant gains on Friday.

With days to spare before a potential first-ever government default, US President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's debt ceiling and worked to ensure enough Republican and Democratic votes to pass the measure in the coming week.

Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought equities worth Rs 350.15 crore, according to exchange data.

Global oil benchmark Brent crude jumped 0.71 per cent to $77.50 a barrel.

Meanwhile, the rupee gained 6 paise to 82.54 against the US dollar in early trade on Monday, tracking positive trends in domestic and global markets as well as inflows of foreign funds.

At the interbank foreign exchange, the domestic unit opened stronger at 82.57 against the dollar and hit the highest level of 82.51. Later, it slipped to 82.54, registering a gain of 6 paise over its previous close. On Friday, the rupee closed at 82.60 against the US currency.