Markets start FY23 with solid gains; Sensex jumps 708 points, Nifty tops 17,650
It was a one-way rally on Dalal Street on Friday as investors started the first day of the new financial year (FY23) with across-the-board buying. The frontline S&P BSE Sensex zoomed 708 points, or 1.2 per cent, to settle at 59,277. The Nifty50, meanwhile, soared 206 points or 1.2 per cent to end at 17,670.
The broader indices, too, advanced in-line with large-caps with the BSE MidCap and SmallCap indices climbing 1.4 per cent and 1.7 per cent, respectively.
NTPC, PowerGrid, IndusInd Bank, SBI, HDFC, M&M, HDFC Bank, Bajaj Finance, Wipro, Axis Bank, Maruti Suzuki, and ITC were the biggest Sensex gainers, surging in the range of 1.5 per cent to 6 per cent.
On the downside, only Tech M, Dr Reddy’s Labs, Sun Pharma, Titan, and Infosys were the drags, down up to 0.7 per cent.
In the broader market space, Adani Power, BHEL, Bajaj Holdings, RBL Bank, SML Isuzu, Sahyadri Industries, Mrs Bectors Foods, and Spandana Sphoorty leaped between 5 per cent and 10 per cent.
Sectorally, the Nifty PSU Bank index jumped 4 per cent on the bourses with Union Bank, Bank of India, Canara Bank, and Bank of Maharashtra adding over 4 per cent each.
The Nifty Bank, Private Bank, Media, Financial Services, Realty, and FMCG indices, meanwhile, added between 1.5 per cent and 2 per cent.
Gujarat Alkalies hits record high as stock zooms 51% in one month. The stock has surged 12 per cent in the past two trading days after the company announced partial commencement of caustic evaporation unit (CEU) by its joint venture (JV) company GACL-NALCO Alkalies & Chemicals (GNAL). On Thursday, the stock had surpassed its previous high of Rs 932 touched in January 2018.
Vodafone was up 4% after board nod for raising Rs 4-500 cr from promoter-group cos. The Company on Thursday said its board has approved the allotment of 3.38 billion equity shares at Rs 13.30 per scrip to three promoters group entities – Euro Pacific Securities, Prime Metals and Oriana Investments – for about Rs 4,500 crore.
Shares of Adani Wilmar (AWL) hit a new lifetime high of Rs 543.35 as they were locked at 5 per cent upper circuit for a second straight day on the BSE on Friday.
Shares of Hero MotoCorp skidded 6 per cent to Rs 2,151.60 on the BSE in Friday’s intra-day trade on reports that income tax (I-T) department has found Rs 800 crore siphoned off via shell firms.
Here are some picks from the week gone by.
