Sensex rebounds 507 pts from lows, ends 138 pts up; auto, IT stocks gain
Closing Bell on August 16, 2023: The shares of SBFC Finance, which debuted on Wednesday at a premium of 44 per cent, settled at Rs 92.2 per share, up nearly 62 per cent over issue price
SI Reporter New Delhi
Stock market highlights: Defying weak global trends, the domestic equity indices settled in the positive zone on Wednesday as strength in the IT, auto, and select financial and pharma stocks helped erase early morning losses.
The benchmark S&P BSE Sensex closed at 65,539, up 137.5 points or 0.21 per cent, while the Nifty50 index settled aboe the 19,450-mark at 19,465, up 30 points.
Apollo Hospitals, Ultratech Cement, Tata Motors, NTPC, Infosys, M&M, L&T, Maruti Suzuki, Power Grid, SBI, Wipro, HUL, Cipla, Tech M, Dr Reddy’s Labs, HCL Tech, and TCs were the top gainers, up between 0.3 per cent and 2.6 per cent.
In the broader markets, the BSE MidCap and Smallcap indices outran the frontline indices as they increased up to 0.52 per cent.
Among sectors, the Nifty Realty index added 1 per cent, the Nifty Auto, Pharma, and IT indices 0.6 per cent each.
Shares of SBFC Finance made a stellar debut at the exchanges, listing at 44 per cent premium of Rs 82 per share (over issue price of Rs 57 apiece) on the BSE. The shares settled at Rs 92.21 per share, up nearly 62 per cent over issue price. READ MORE
COMMENT:: Inflation, global worries weigh on market sentiment
"The initial apprehension stemming from an above-expected surge in domestic CPI inflation, driven by higher food prices, induced volatility in the Indian market. However, the market found some relief as the likelihood of this inflation surge being transitory alleviated concerns, leading to a recovery in the latter part of the trading session. Moreover, as core inflation continued to moderate, the market did not anticipate a rate hike, although the possibility of an extended rate pause seemed more probable. Stronger-than-anticipated retail sales data in the US and concerns about further rating downgrades of US banks contributed to choppiness in Western markets, while Asian markets reacted to the rate cut initiated by the Chinese central bank."
- Vinod Nair, Head of Research at Geojit Financial Services
Solid Debut: SBFC Finance ends Day 1 on the bourses at 62% premium
The stock hit a high of Rs 95.30 on the BSE as against the issue price of Rs 57 per share. READ MORE
IRFC m-cap zooms past Shriram Finance, IDBI Bank; stock up 62% in 1 month
Indian Railway Finance with Rs 68,086 crore m-cap stood at 86th position in overall ranking, ahead of Shriram Finance (Rs 67,613 crore) and IDBI Bank (Rs 67,310 crore), the BSE data shows. READ MORE
ITC rises 2% in intra-day deals as brokerages give thumbs up to Q1 results
Shares of ITC climbed 2 per cent to Rs 457 per share in Wednesday's intra-day trade as brokerages gave thumbs up to the conglomerate's April-June quarter performance for fiscal year 2023-24 (Q1FY24). READ MORE
Defence stocks pricing-in all positives, offer limited upside, say analysts
The rally, which has been accompanied by high valuations, could stagnate in the near term as companies may not meet investors' expectations of sustained performance every quarter, analysts said. READ MORE
Uno Minda at 52-week high; soars 7% on commissioning EV component plants
The company has also received new orders with annualised peak value of more than Rs 600 crore for EV systems. during the Q1FY24. READ MORE
Stock of this defence company has zoomed 110% in 6 weeks on strong outlook
Thus far in the calendar year 2023, the stock price of Zen Technologies has skyrocketed 372 per cent, as compared to 7 per cent rise in the S&P BSE Sensex. READ MORE
Block deal impact: JSW Energy, Religare surge up to 10%, hit 52-week highs
Religare Enterprises hit a 52-week high of Rs 242.55, soaring 10% after around 25 million equity shares changed hands on the BSE till 03:14 PM. READ MORE
Garden Reach Shipbuilders rallies 33% in 2 days post June quarter results
The BSE has sought clarification from Garden Reach Shipbuilders & Engineers Ltd with reference to movement in volume. READ MORE
Gangwal stake sale buzz: IndiGo dips 5% intra-day amid block deal of over 18 mn shares
At 09:15 AM; around 18.19 million equity shares representing 4.71 per cent of total equity of IndiGo changed hands on the BSE, the exchange data shows. READ MORE
Apar Industries hits record high on healthy outlook; zooms 200% from Jan low
For Q1FY24, Apar Industries had posted 61 per cent year-on-year jumped in profit after tax at Rs 197 crore. READ MORE
Hindustan Oil Exploration sinks 16% as Q1 profit plunges 80% QoQ
Separately, the government has hiked windfall tax on crude petroleum to Rs 7,100 per tonne with effect from August 15, up from Rs 4,250 per tonne. READ MORE
Nifty Metal index slips over 1%; Hindustan Copper tumbles 6%
BSE Smallcap Heatmap:: Johnson Controls, Cochin Ship, DB Realty zoom up to 20%
BSE Midcap Heatmap:: IOB, JSW Energy soar up to 7%; Crompton tanks 6%
Broader indices also end on a positive note; India VIX rises 1%
Nifty 50 Losers:: Tata Steel, Adani Ports, Hindalco major laggards
Nifty 50 Gainers:: Apollo Hospitals, UltraTech Cement, NTPC rally over 2%
Sensex 30 Heatmap:: 18 Gainers v/s 12 Losers
CLOSING BELL:: NSE Nifty50 gains 30 pts, closes at 19,465
Topics : Stock Market MARKET LIVE MARKET WRAP Q1 results Dalal Street Global stocks ITC Fitch Ratings bank stocks IndiGo stock market trading Brent crude US Federal Reserve Markets Sensex Nifty India inflation
First Published: Aug 16 2023 | 07:34 AM IST