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Business News/ Markets / Stock Market Today: Sensex, Nifty end higher; mid, smallcaps underperform

Indian benchmark indices Sensex and Nifty ended marginally higher on May 12 led by gains in auto and banking heavyweights.

Sensex gained 123.38 points, or 0.20% to close at 62,027.90, while Nifty rose 17.80 points or 0.1% to end at 18,314.80. Mid and smallcap indices underperformed the benchmarks as the Nifty Midcap 100 declined 0.41%, while the Nifty Smallcap 100 index ended 0.75% lower.

Losses in metals, IT and pharma stocks were offset by gains in banks, auto and financial services stocks, that helped the benchmark indices to recoup morning fall.

On the global front, Asian markets remained weak after weak inflation data in China and looming worries over US banks

Japan's benchmark Nikkei 225 gained 0.9 per cent to finish at 29,388.30 as companies like Nissan Motor Co. gained after reporting relatively favourable earnings. But SoftBank Group Corp. slumped after reporting its second year in a row of losses.

European benchmarks rose Friday after Asian shares mostly declined on looming worries over US banks and lagging demand from China, the region's major driver of growth.

France's CAC 40 rose 1.0% in early trading to 7,451.96. Germany's DAX added 0.6% to 15,931.25. Britain's FTSE 100 gained 0.5% to 7,767.52.

In the US, Dow futures were up 0.4%, while S&P 500 futures added 0.4%.

Oil prices, meanwhile, fell while currencies traded in a narrow range.

Indian markets opened marginally lower Friday tracking weakness in global peers amid hints of a slowdown in the US economy. The BSE Sensex opened 0.08%, or 46.83 points lower at 61,857.69, and the Nifty opened at 18,273.75, down 23.25 points.

Rupee ended 7 paise lower against the US dollar on Friday, registering its worst week in eight, dragged down by a broader strength in the dollar index.

Foreign Institutional Investors (FII) net bought Indian shares worth 1,014.06 crore, while the Domestic Institutional Investors (DII) net sold shares worth 922.19 crore on Friday, provisional data on exchanges showed.

Top Nifty Gaines and Losers

Eicher Motors was the top gainer on the Nifty index with 5.85% gains, followed by Mahindra & Mahindra (up 1.90%), IndusInd Bank (up 1.73%), Axis Bank (up 1.68%) and Hindustan Unilever (up 1.03%).

The top losers on the index included Hindalco Industries (down 3,58%), BPCL (down 2.79%), PowerGrid Corporation (down 2.60%), NTPC (down 2.45%) and Tata Steel (down 1.57%). 

As many as 21 stocks ended in the green while 29 closed in the red in the Nifty pack.

Read here: Top gainers, losers in trade today: Eicher Motors, Manappuram Fin, M&M, Hindalco - check full list here

Sectoral Performance

Among sectors, Nifty Bank, Nifty Auto, Nifty Financial Services and Nifty FMCG ended in the green, while Nifty Metal, Nifty Media, Nifty Pharma, Nifty Realty and Nifty IT reeled under selling pressure.

Nifty Bank index advanced for the third straight session, while Nifty Auto index hit an all-time high during the day.

Experts' View on the Market

“Markets on Monday will react to India’s inflation data and the Karnataka election outcome. Market has now been consolidating for the last 4 days and is awaiting fresh triggers for the next leg of the rally as the structure of the market remains positive. Investors would continue to keep an eye on economic data to be released next week," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

(With PTI inputs)

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Updated: 12 May 2023, 05:19 PM IST
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