Market Closing: Sensex Closed Above 300 Points, On Gains Over Quarterly Figures

This week onwards as most of the companies have started posting Q4FY23 numbers some of them have posted good growth for the quarter, which supported the indices to rally. Sensex ended above 310 points or was up by 0.52% at 60,157.72 and Nifty closed 98.25 points or (0.56%) high at 17,722.30.

Taking cues from the Asian indices Indian equity benchmarks continued to rise in early trade on Tuesday, extending their gains to the seventh consecutive session. US market ended with signals, but domestically the nifty and sensex was given support from metal and banking stocks.

Several stocks like Reliance Industries, Divi's Labs, Grasim Industries, Nestle India and Britannia Industries were trading at huge premiums over their long-term averages. Torrent Power stock climbed by nearly 5% in today's trade. The stock has gained after two sessions.

Public sector lender Bank of Baroda recorded healthy advances growth for the March quarter, showing a growth of nearly 19% over the previous year period. The stock was up by nearly 3%.

Shares of Yes Bank have corrected over 39 per cent from its 52-week low of Rs 24.75, hit on December 14, 2022. The stock was in focus after the private lender announced its operational performance for the quarter that ended on March 31, 2023.

JSW Steel reported a 7% (QoQ) and 13% (YoY) rise in crude steel production for the quarter ended March 2023. It also reported the highest ever quarterly consolidated crude steel production at 6.58 million tonnes for Q4 FY23 on a yearly basis. The stock ended nearly 4% up today.

Total 1301 stocks advanced and 761 declined on NSE. Stock of Kotak surged by roughly 5% was among the top gainer along with JSW Steel and Tata Steel on both the indices. Top losers were TCS, Infosys and Tech mahindra on on NIFty and sensex, they were down by roughly 2%, which dragged the IT sector index the most. Tomorrow TCS and Infosys March quarter numbers will be out along with Inflation figures.

According to Money control survey of economists, India's headline retail inflation is expected to have dropped to a 15-month low in March. Consumer Price Index (CPI) inflation for March is likely to fall down sharply to 5.7% month from 6.44 % in February.