BackNifty, Sensex end flat to positive; consumer durable, financial stocks lift mkt
Nifty Consumer Durables index gained the most today, up more than a percent. Nifty IT, pharma, banking and financial services indices gained 0.5-0.8% each. Meanwhile, metal and media indices corrected today
PremiumThe benchmark indices opened the day lower on January 3, but soon turned flat. Later in the day, investors and traders returned to the market lifting the indices into the green. At close, Nifty was 35.10 points, or 0.19%, higher at 18,232.55, Sensex was up 126.41, or 0.21%, at 61,294.20.
Trading volumes are slowly returning as global markets started to open, investors are now watching out for FOMC meeting minutes.
HDFC Life, SBI Life Insurance, Axis Bank, Titan Company and TCS were among the top gainers on the Nifty. On the other hand, Hindalco, Britannia Industries, M&M, JSW Steel and Grasim Industries were big losers.
Sector-wise, Nifty Consumer Durables index gained the most today, up more than a percent. Nifty IT, pharma, banking and financial services indices gained 0.5-0.8% each. Meanwhile, metal and media indices corrected today after a good performance on January 2.
Mid and smallcaps also rose in sync with the benchmarks. The BSE Midcap index ended with a gain of 0.22 percent and the Smallcap index rose 0.18 percent.
“In the absence of major economic triggers, the domestic market shifted its focus towards the Q3 earnings season, which is set to kick off this week. Banks' initial quarterly business results revealed solid business traction supported by robust loan growth. IT and banks will take centrestage in the coming days as the trend in the market will be determined by the early signals from sector majors," said Vinod Nair, Head of Research at Geojit Financial Services.
On BSE, 2,032 stocks advanced while 1,491 declined from a total of 3,665 stocks that traded. 119 stocks on BSE hit their 52-week high today.
Asian shares had a mixed day on the second trading of the year. Japan's Nikkei was closed for the New Year holidays. South Korean shares fell on Tuesday as selling pressure from institutional investors continued to weigh on the market during the first two sessions of 2023. The KOSPI fell 1.50%.
Chinese equities overcame an early bout of volatility to advance on the first day of the new year as optimism grew that Covid infections may have peaked in some parts of the nation.
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Rupee closed the day at 82.88/US dollar against Monday’s close of 82.74/USD.
The Indian rupee continued its downward drift as importers rush for dollar buying while the inflows remained muted as traders awaited Wednesday’s FOMC meeting minutes.
“Spot USDINR has been consolidating in the narrow range of 82.40 to 82.95. Looking at the greenback price action against the major currencies, the chance of an upward breakout is higher in the pair. Once the breakout confirms above 83, the short-covering rally will be imminent and levels of 83.50 and 83.70 can be seen in a short span of time," said Dilip Parmar, Research Analyst, HDFC Securities.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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