Sensex snaps 4-day losing run, up 345 points; Nifty tops 16K; Auto, FMCG lead

Benchmark indices moved sharply higher at the fag-end of the session, closing in the positive zone for the first time this week. The S&P BSE Sensex zoomed 345 points, or 0.65 per cent, to end at 53,761. The Nifty50, on the other hand, closed at 16,049, up 111 points or 0.7 per cent.

Tata Consumer Products, Titan, Eicher Motors, HUL, Tata Motors, Maruti, M&M, Nestle India, HDFC, L&T, and BPCL topped the charts, rising over 2 per cent each. Metal and IT stocks, including Tata Steel, HCL Tech, Wipro, and JSW Steel continued to lag, down up to 2.6 per cent.

In the broader market, the BSE MidCap index added 0.85 per cent, driven by IDBI Bank, TVS Motors, BEL, Cummins India, and Cholamandalam Finance. The BSE SmallCap index, too, gained 0.5 per cent.

Sectorally, the Nifty Auto index was the biggest gainer, up 2 per cent. The Nifty Metal, on the contrary, eased 0.8 per cent.

Shares of Birlasoft have dipped 11% in 2 days after the stock turned ex-date for buyback, dividend. The board of Birlasoft, on May 23, 2022, had approved buyback of up to 7.8 million equity shares of Rs 2 each of the company at a price of Rs 500 per share through the tender offer.

PC Jeweller was locked at the 10 per cent upper circuit band, at Rs 47.35, on Friday. The stock has zoomed 106 per cent from a level of Rs 23 touched on June 30, 2022.

Shares of Lumax Auto Technologies surged 10% as they hit a record high on improved outlook. In FY23, the company expects domestic sales and exports to rebound as the global economy (including India) is experiencing a strong recovery.

Here are some picks from the week gone by.