Markets open on a green note amid mixed global cues
Metal stocks decline whereas auto stocks catch the limelight.
On Wednesday, the equity benchmark indices started the trading session positively amid mixed global cues. In the pre-opening session on Monday, Nifty futures on the Singapore Exchange traded 106 points, or 0.67%, higher at the 15,872 level, signalling that Dalal Street was headed for an optimistic start on Wednesday. Crude oil futures zoomed nearly 3% as investors again stepped in after the retreat in the previous session, eyeing the supply concerns although worries about a recession hovered.
At the open, the Sensex was up 282.28 points or 0.53% at 53416.63, and the Nifty was up 61.30 points or 0.39% at 15872.20. About 1105 shares have advanced, 527 shares declined, and 101 are unchanged. Asian Paints, BPCL, Bajaj Finance, L&T, and Axis Bank were among the major gainers on the Nifty, while losers were ONGC, Hindalco, Tata Steel, JSW Steel and Coal India.
Among the Sensex pack, the top gainers comprised Asian Paints, Bajaj Finance, IndusInd Bank, Axis Bank and L&T whereas the only losers were Tata Steel, PowerGrid Corporation, NTPC, Nestle India and Titan. Within the Sensex stocks, the shares of Tata Steel are likely to be in action as the company has recorded a 2% YoY drop in overall deliveries due to a levy on steel exports by the government in May. On the other hand, NTPC is likely to be in focus as coal output for the company improved 61% to Rs 42.40 lakh MT in Q1FY23 as compared to the same period in the previous year.
The broader markets were seen trading flat with BSE Mid Cap and Small Cap indices gaining 0.19% and 0.21%, respectively. The top three mid-cap stocks in the BSE Midcap Index were Kansai Nerolac, Container Corporation of India and Macrotech Developers whereas the top three small-cap stocks were Responsive Industries, Kiri Industries and Jyothy Labs. On the sectoral front, indices traded flat with the BSE Metal Index losing more than 2% while BSE Auto Index gaining more than 1%. Hindalco Industries and NMDC were the top metal stocks weighing down the index declining up to 4%.
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