April 22, 2023
New Delhi, India
Daily Stock Market Analysis
The Indian stock market witnessed a second consecutive day of gains on Monday, with the Sensex and Nifty climbing amidst positive global cues and firm sectoral performance.
Market Highlights:
- Sensex and Nifty both surged, with Sensex gaining 560 points and Nifty hovering above the 22,300 mark.
- Private banks and infra stocks drove the rally, while Nifty Metal emerged as the best-performing sector.
- Key events of the day included RIL’s earnings announcement post-market hours, and market reactions to companies like Wipro, Voltas, and Zomato.
Stock Performance and Milestones:
- Notable highlights included RIL among 15 companies set to announce Q4 results, UBS upgrading Voltas to ‘buy’, and Zomato gaining traction on platform fee hikes.
- On the downside, HDFC Bank traded lower post-Q4 results, while Voda Idea’s Rs 18K cr FPO saw full subscription on the last day.
Market Figures and Trends:
- Sensex closed at 73,648.62, up 560 points, while Nifty ended at 22,336.40, gaining 189 points.
- Midcap and smallcap indices outperformed benchmarks, with BSE Midcap rising 0.93% and Smallcap index jumping 1.26%.
- Over 240 stocks hit fresh 52-week highs, contributing to an overall market capitalization increase to nearly ₹398 lakh crore.
Bottom Line:
The positive momentum in Indian stock market, driven by global cues and strong sectoral performance, reflects investor confidence amidst easing geopolitical tensions. With key earnings announcements and market dynamics shaping trading sentiment, market participants remain optimistic about further gains in the near term.
Also Read: Ola Cabs Plans $500 Million IPO, Targets $5 Billion Valuation
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