Stock Market: Sensex Rises 130 Points, Nifty Nears 18,150 In The First Trading Session Of 2023. Tata Steel Gains 3%

Stock update: On the 30-share Sensex platform, Tata Steel, Tata Motors, ICICI Bank, Reliance, SBI, Axis Bank, and others were the early gainers

The Sensex and Nifty, the two key equity benchmarks, on Monday started early morning trading, oscillating between gains and losses tracking global cues.

At 9.40 am, the S&P BSE Sensex was up 130 points to 60,971 levels, while the broader NSE Nifty50 was at 18,142, up 37 points.

On the 30-share Sensex platform, Tata Steel, Tata Motors, ICICI Bank, Reliance, SBI, Axis Bank, and others were the early gainers. On the flip side, Asian Paint, Sun Pharma, Bajaj twins, Tech M, HCL, and others were the laggards.

Shares of Tata Motors added 1 per cent after the company reported 10 per cent YoY increase in domestic December sales at 72,997 units as against 66,307 units sold last year. Those of Ashok Leyland, meanwhile, zoomed 1.6 per cent as the company's domestic sales zoomed 49 per cent YoY to 1,112 units.

In the broader markets, the BSE MidCap and Smallcap indices gained 0.3 per cent and 0.4 per cent, respectively.

The markets received support from stocks in the metal, and financial segments, while pharma pack weighed.

Global brokerage Jefferies turned positive on the sector amid easing Covid-19 curbs in China. 

In the previous session on Friday, the last trading day of 2022, the BSE Sensex declined 293 points to of 60,841. On the other hand, the NSE Nifty 50 settled 86 points lower on the last trading day of the year to 18,105.

Meanwhile, the rupee started the New Year on a flat note on the first trading session on Monday as rising crude oil prices and sustained foreign fund outflows weighed on investor sentiments.

Forex traders said the domestic unit is trading in a narrow range as the support from firm domestic equities and weak American currency is negated by the gains in crude oil prices and sustained foreign fund outflows. At the interbank foreign exchange, the rupee opened weak at 82.66, registering a decline of 5 paise from the last close. The local unit also touched an early high of 82.57 against the greenback in initial deals.

On the last trading day of 2022, the rupee had settled at 82.61.

Global oil benchmark Brent crude futures advanced by 2.94 per cent to $85.91 per barrel.

Foreign Institutional Investors remained net sellers in the capital market on Friday, as they offloaded shares worth Rs 2,950.89 crore, as per stock exchange data.