Sensex back above 60,000-mark | The Financial Express

Sensex back above 60,000-mark

Global cues, buying interest in auto and IT spaces propel gains.

Sensex back above 60,000-mark
A total of 2,041 stocks advanced on the BSE, while 1,543 declined.

Positive global cues and strong buying in the tech, banking, and auto sectors lifted the benchmark indices for the second straight session on Monday. The Sensex closed above 60,000 for the first time since February 21, rising 415.49 points or 0.69% to 60,224.46. It has risen by 1,315.11 or 2.23% over the past two sessions.

Both FII and DII buying gave a fillip to the markets, with FIIs pumping in Rs 721.37 crore and DIIs pooling in Rs 757.23 crore on Monday.

Investor wealth has increased by Rs 5.44 trillion over the last two sessions, according to BSE data.

“The major concerns that prevailed during the previous weeks were the fear of an aggressive Fed policy action, which led to a rise in treasury yields and the US dollar, and uncertainties surrounding Adani. All of these have now shifted in favour of the bulls, with US officials reducing the likelihood of a sharp rate hike, forcing yields and the dollar index to moderate. Additionally, improved market sentiment due to the foreign bulk deal at Adani Group, the oversold stage of the domestic markets, and FII buying helped sharpen the recovery,” said Vinod Nair, head of research at Geojit Financial Services.

Among sectoral indices, the BSE Power index jumped 2.5%, while Teck rose 1.13%, Oil & Gas 1.9%, Utilities 2.75, Energy 1.74%, and Bankex 0.24%. The MidCap and SmallCap indices, too, rose 0.72% and 0.9%, respectively.

Tata Motors led the gains among the Sensex pack, rising 2.79%, with NTPC and PowerGrid both raking in more than 2% gains. Index heavyweight Reliance Industries was up 0.95%, with all IT stocks closing in the green.

A total of 2,041 stocks advanced on the BSE, while 1,543 declined.

Most Asia Pacific peers ended the day on a high, with Japan’s Nikkei rising 1.11%, Hong Kong’s Hang Seng 0.17%, South Korea’s KOSPI 1.26%, Singapore’s Straits Times Index up 0.2%, and Australia’s ASX200 up 0.62%. The Shanghai Composite and Jakarta Composite indices declined 0.19% and 0.10%.

On similar lines, the broader Nifty50 closed above the 17,700-mark for the first time since February 21, when it had closed at 17,826.70.

Adani Enterprises continued its upward trajectory, gaining 66% over the past five sessions. It has added close to Rs 90,000 crore in market capitalisation, with the group having added Rs 2.02 trillion.

Banking stocks were a mixed bag, with the Bank Nifty edging up 99.05 points or 0.24% to 41,350.40. IDFC First, Axis, and HDFC Bank, all ended with gains, while PNB, Kotak Bank, and IndusInd Bank all closed in the red.

“Global markets were steady on Monday as investors assessed the impact of China’s decision to set the lowest economic growth target in decades for 2023. Nifty faced resistance from its February 22 downgap and corrected intra-day, though ending in the positive. Nifty needs to break the 17,600-17,800 band for cues on future direction,” said Deepak Jasani, head of retail research, HDFC Securities.

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First published on: 07-03-2023 at 06:00 IST
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