Benchmark indices were trading marginally higher on Monday. 30-share BSE Sensex was trading 246 pts or 0.38% up at 61,983, while NSE Nifty50 was trading 88 pts or 0.48% up at at 18,292. Bank Nifty was up nearly 1% at 43,990. In broader markets, BSE Midcap and BSE Smallcap were also trading in green.
“The near-term uncertainty in the global equity markets is likely to continue since there is no resolution yet on the US debt ceiling issue. A strong rally will happen only after this impasse is out of the way. The undercurrent of the market is bullish. Bank Nifty is likely to gain more traction since the Rs 2000 note withdrawal is positive for banks. It will add to the deposits of banks and increase their CASA thereby boosting their bottom line,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“An important message for investors is that interest rates have peaked, globally as well as in India, and this is positive for equity markets in the second half of CY 2023. Rate sensitives like financials, real estate/construction and autos will benefit from a probable rate cut by end 2023. From the valuation perspective, IT stocks are good value buys now,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Adani Enterprises share price jumped more than 7% to Rs 2,118.95 on Monday amid reports that Adani Group is considering the monetisation of select real estate assets deemed non-core to its operations. Market Cap of the firm rose to Rs 2,39,274.84 crore.
Vedanta share price rose nearly 1% to hit an intraday high of Rs 284.50 on NSE today as the company board considers a proposal of dividend payment later in the day. Market Cap of Vedanta was at 1.05 lakh crore.
Shares of PB Fintech, the operator of Policybazaar, fell nearly 1% to Rs 623 on NSE on Monday as the company is set to announce its March quarter results. Policybazaar shares have rallied 39% year-to-date. Market Cap of the firm rose to Rs 28,060 crore
Shares of Gland Pharma plunged 14% in Monday's trade to hit an intraday low of Rs 911, taking its two-day fall to 31%, as March quarter profit plunged 72% YoY. Market Cap of the firm fell to Rs 15,769.28 crore
NTPC was the top Sensex gainer as share price jumped more than 1.7% to Rs 176 on Monday after the Power company reported a 6% drop in overall net profit at Rs 4,871.55 crore for the March quarter. Market Cap of the firm rose to Rs 1,70,952.22
Powergrid stock was among top gainers on Sensex as the share price jumped more than 1.5% to Rs 237 on Monday. The company on Friday, posted a consolidated net profit of Rs 4,320 crore for the March quarter, up nearly 4% from Rs 4,156 crore a year ago. Market cap of the firm jumped to Rs 1,65,632.13 crore.
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