Opening bell: Nifty reclaims the 17,000 level, IT stocks shine
Amidst widespread buying, the Sensex and Nifty50 rise by 1%, with Infosys, Reliance, and TCS contributing the most gains.
Early on, there was a lot of purchasing in the important index prices, and the major equity indices went strongly higher. Nifty traded beyond 17,000 points. A considerable purchasing demand was seen in shares across sectors, with metals, IT, and autos posting the most gains, except for pharma and PSU banks.
The top five Nifty gainers were SBI Life (up 7.50%), Bajaj Finserv (up 3.29%), Eicher Motors (up 2.47%), Tata Steel (up 2.44%), and Bajaj Auto (up 2.34%). The sole laggards in the Nifty 50 group were Cipla (down 1.23%), Sun Pharma (down 0.60%), and Divi's Lab (down 0.43%). The S&P BSE Mid-Cap index increased by 1.09% and the S&P BSE Small-Cap index increased by 0.97% in the overall market. Market breadth was substantial. 1,862 shares increased and 571 shares decreased on the BSE and 107 shares in total remained unchanged.
Dr Reddy's Laboratories experienced a decline of 3.97%. Dr Reddy's Laboratories' net profit increased by 108% to Rs 1188 crore on a consolidated basis in Q1 FY23 over Q1 FY22, while sales increased by 6% to Rs 5215 crore. TVS Motor Company increased by 8.21%. In comparison to Q1 FY22, when the company reported a standalone net profit of Rs 53 crore, Q1 FY23 saw a net profit of Rs 321 crore.
Thursday's gains in Asian stocks are largely driven by the US Federal Reserve's decision to boost interest rates. Following a Wall Street rise, Asian equities are trading in a range on Friday. That came after dismal US GDP data, which signals the Fed would be less aggressive in its cycle of tightening.
According to a report released on Friday by the ministry of economy, commerce, and industry, Japan's industrial output increased by 8.9% in June compared to May. Following a decline in May, the print surprised to the upside.
The three major US indices ended the day, up more than 1% as investor optimism that the Federal Reserve may not need to be as aggressive with interest rate hikes as some had anticipated was spurred by data showing a second consecutive quarterly downturn in the GDP.
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