Stock Market Today: The equity markets opened with tepid gains on Monday amid mixed cues from global peers. At 09:16 IST, the Sensex was up 118.10 points or 0.22 per cent at 53026.03, and the Nifty was up 32.80 points or 0.21 per cent at 15784.80.
IndusInd Bank, Sun Pharma, PowerGrid, L&T, ICICI Bank, SBI, and ITC were the top winners on the Sensex. Shree Cement, Tata Consumer, Britannia, and Hero Moto were the additional gainers on the Nifty.
On the flip side, ONGC, Hindalco, JSW Steel, M&M, Tata Steel, Wipro, TCS, Tech M, and Reliance led losses on the two benchmark indices.
The broader markets started mixed. The BSE MidCap index was up 0.34 per cent and SmallCap index sat unchanged.
Sectorally, Nifty metals slumped 2 per cent. Other losers were IT, auto and oil & gas packs, down 0.4-0.9 per cent.
Among stocks, Avenue Supermarts (DMart) rose 3 per cent. The company has reported a standalone revenue of Rs 9,806.89 crore in Q1FY23), up 94.9 per cent from Rs 5,031.75 crore reported in the same quarter last year.
Ashoka Buildcon also gained over 2 per cent after its joint venture (JV) bid emerged as the lowest (L-1) for the construction and maintenance of Rajiv Gandhi Fintech Digital Institute in Jodhpur.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Market movements this month are likely to be significantly influenced by the Q1 results starting with TCS’s results on 8th July. More than the actual numbers, the market will be focused on guidance. Similarly, in financials particularly banking, the market will be keen to know the trends in credit growth rather than the decline in treasury income, which is already known. The buoyancy in GST collections and June auto numbers indicate that economic recovery is gaining momentum, in spite of many headwinds, and this bodes well for the market’s performance in H2 FY23. In the present context of high near-term uncertainty, the best strategy for investors would be to buy high-quality large-caps in a calibrated manner and wait with patience.”
Global Cues
Tokyo stocks opened higher on Monday as investors took heart from gains on Wall Street while staying cautious over the economic impacts of inflation. The benchmark Nikkei 225 index was up 0.71 per cent, or 184.45 points, at 26,120.07 in early trade, while the broader Topix index was up 0.97 per cent, or 17.92 points, at 1,862.96.
Asian share markets started cautiously on Monday as a run of soft US data suggested downside risks for this week’s June payrolls report, while the hubbub over possible recession was still driving a relief rally in government bonds. The search for safety kept the U.S. dollar near 20-year highs, though early action was light with U.S. markets on holiday.
Wall Street bounced back to a sharply higher close in light trading on Friday as investors embarked on the second half of the year ahead of the long holiday weekend.
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