Indian equity benchmarks started 2023 on a strong note, led by strong buying interest in metal stocks
Indian equity benchmarks started 2023 on a strong note, led by strong buying interest in metal stocksBSE 500 stocks such as Canara Bank, Jindal Steel & Power, Jindal Stainless, Jindal Stainless (Hisar), Kalpataru Power Transmission, Lloyds Metals and Energy, Mahindra CIE Automotive, PNB Housing Finance, REC, Rhi Magnesita India and Solar Industries India touched their respective one-year high on Monday.
Indian equity benchmarks started 2023 on a strong note, led by strong buying interest in metal stocks.
On BSE, 98 stocks hit their 52-week high level today, while 33 recorded their one-year lows. The overall market breadth stood positive today as 2,307 shares were seen advancing while 1,211 were declining.
Also, ICICI Bank, Tata Steel, Reliance Industries, Infosys, HDFC, Bharti Airtel, Tata Motors, M&M, ITC and UltraTech Cement were the top index contributors.
On NSE, Yes Bank, Tata Steel, Suzlon, Indian Overseas Bank, PNB, SAIL, HCC, JP Power, IDFC First Bank and JP Associates were among the active stocks in terms of volume.
Nifty Metal was the top-performing sub-index, rising 2.23 per cent in afternoon deals. Though, losses in consumer and pharma stocks capped gains.
An uptick in crude oil price, at around $86 per barrel, also played spoilsport. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said robust GST (goods and services tax) collections indicate the Indian economy's resilience and surveys among CEOs reveal that many companies are upbeat about hiring and capital expenditure (capex) in 2023.
GST mop-up grew 15 per cent year-on-year (YoY) to Rs 1.49 lakh crore in December last year.
Further, foreign investors pushed Rs 11,119 crore in the domestic equities in December, despite increasing concerns over the re-emergence of Covid-19 cases in some parts of the world.
On the global front, Asian markets were seen trading on a mixed note.
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