Stock Market: Sensex Rises 318 Points, Nifty Ends Around 18,400 As Inflation Dips. Realty Logs Gains

Stock update: On the 30-share Sensex platform, Tata Motors, TechM, ITC, HUL, L&T, Infosys, Tata Steel emerged winners

The two key equity benchmarks, Sensex and Nifty, on Monday closed in the positive territory following a decline in CPI inflation to an 18-month low of 4.7 per cent in April. The WPI inflation also dipped into negative zone to -0.92 per cent in the same month.

The BSE Sensex, which went up around 500 points, finally closed 318 points higher to 62,345. On the other hand, the NSE Nifty50 gained 84 points to 18,399.

On the 30-share Sensex platform, Tata Motors, TechM, ITC, HUL, L&T, Infosys, Tata Steel emerged winners. On the flip side, Maruti, TCS, Sun Pharma, Bajaj twins, and Nestle were the losers.

In the broader markets, the BSE Midcap and Smallcap indices rose 0.5 per cent each.

Among specific stocks, Tata Motors gained about 3 per cent on Monday. The auto major clocked a net profit of Rs 5,408 crore in Q4FY23 as against a net loss of Rs 1,033 crore last year. Adani Enterprises lost 3 per cent after the company said it plans to raise Rs 12,500 crore through the qualified institutional placement route.

Sectorwise, Nifty Realty led logged gains, up 4 per cent followed by FMCG, PSU Banks, Auto, and IT packs. On the downside, Nifty Metals, and Pharma settled in losses.

In the previous session on Friday, the S&P BSE Sensex, which surged 450 points from the day's low, settled at 62,028, up 123 points. On the other hand, the NSE Nifty50 shut shop at 18,315, up 18 points.

"Domestic benchmark indices are marching ahead driven by favourable developments such as declining inflation levels, steady foreign inflows, and in anticipation of robust earnings growth on a QoQ basis next quarter, due to drop in global commodity prices," said Vinod Nair, Head of Research at Geojit Financial Services.

Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 1,014.06 crore, according to exchange data.

In Asia, Seoul, Tokyo, Shanghai, and Hong Kong markets ended trading in the green. European markets were trading mostly with gains. The US market ended marginally lower on Friday.

Global oil benchmark Brent crude climbed 0.24 per cent to $74.34 per barrel.

Meanwhile, the rupee fell 15 paise to close at 82.33 (provisional) against the US currency on Monday, weighed down by the strength of the American currency in the overseas market. At the interbank foreign exchange, the domestic unit opened at 82.22 against the dollar and settled for the day at 82.33 (provisional), down 15 paise from its previous close.

During the day, the rupee witnessed a high of 82.18 and a low of 82.37 against the greenback. On Friday, the rupee settled at 82.18 against the dollar.