Stock Market: Sensex Gains 115 Points, Nifty Settles Near 17,400. Auto Stocks Rise 1 Per Cent

Stock update: On the 30-share Sensex platform, Maruti, Bajaj Finance, Bharti Airtel, NTPC, Bajaj Finserv, M&M emerged winners. Infosys, ITC, HUL, PowerGrid, Tata Steel, Sun Pharma were the losers

In the broader markets, the BSE Midcap index was down marginally, while the Smallcap index rallied a per cent. ( Image Source :Getty )

The two key equity benchmarks, Sensex and Nifty, on Monday recouped losses in mid-noon deals and logged gains for the third straight on the back of steady buying support in auto shares and select financial stocks amid high volatility.

The S&P BSE Sensex closed at 59,106, up 115 points. On the other hand, the NSE Nifty ended at 17,398, up 38 points.

On the 30-share Sensex platform, Maruti, Bajaj Finance, Bharti Airtel, NTPC, Bajaj Finserv, M&M emerged winners. On the flip side, Infosys, ITC, HUL, PowerGrid, Tata Steel, Sun Pharma were among the losers.               

Among the Sensex 30 shares, Maruti gained 2.5 per cent. Bharti Airtel, NTPC, Titan and Bajaj twins were the prominent gainers. On the other hand, Infosys, Hindustan Unilever and ITC declined over a per cent each.

#ABPLiveStockMarketWatch | Indian equity benchmarks ended Monday's session marginally higher

At 03:30 PM, #Sensex gained 115 points to 59,106 & #Nifty went up 38 points to close at 17,398

Here's a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch pic.twitter.com/vlvAw7YAqu

— ABP LIVE (@abplive) April 3, 2023

In the broader markets, the BSE Midcap index was down marginally, while the Smallcap index rallied a per cent.

Sectorwise, Nifty Auto index gained the most, over 1 per cent, after auto companies logged robust sales momentum in March. Nifty IT, Metal, and FMCG indices, however, were bogged down in trade.

In the previous session on Friday, the S&P BSE Sensex closed at 58,991, up 1,031 points, while the NSE Nifty 50 hit a high of 17,382, and settled 279 points higher at 17,360.

"Investors were of the view that the easing price pressure would provide the central bank with leeway to pause the rate hike. However, the surprise production cut by OPEC+ has fuelled concerns about inflationary pressure, which may prompt central banks to remain hawkish," Vinod Nair, Head of Research at Geojit Financial Services, said.

Manufacturing activities in India touched a three-month high in March boosted by faster expansion in new orders and output amid demand resilience and easing of cost pressures, according to a monthly survey.

Global markets were mixed as a spike in crude oil prices fuelled fears of high energy prices in Europe and the US. Tokyo's Nikkei 225 index gained 0.5 per cent, Hong Kong's Hang Seng slipped 0.4 per cent while the Shanghai Composite index rose 0.7 per cent.

The RBI's rate-setting panel on Monday started its three-day meeting amid expectations that the central bank may go for 25 basis points hike in benchmark interest rate, probably the last in the current monetary tightening cycle that began in May 2022.

On Friday, Foreign Institutional Investors (FIIs) were net buyers as they purchased shares worth Rs 357.86 crore.

Meanwhile, the rupee depreciated 10 paise to close at 82.31 (provisional) against the US currency on Monday as a strong American currency in the overseas market and firm crude oil prices weighed on investor sentiments.

At the interbank foreign exchange market, the rupee opened at 82.44 against the greenback and closed at 82.31 (provisional), registering a fall of 10 paise over its previous close of 82.21.

During the session, the domestic unit touched an intra-day high of 82.31 and a low of 82.46 against the American dollar.The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.08 per cent higher at 102.58.