April 23, 2023
New Delhi, India
Indian Stock Market Highlights
Indian equity indices, Sensex and Nifty, closed with marginal gains despite a last-hour sell-off on April 23. While the realty sector showcased strength, metals witnessed a downturn, reflecting mixed sentiments in the market.
Market Performance:
- The BSE Midcap index rose by 0.5%, and the Smallcap index gained 1% amidst overall positive market sentiment.
- Sensex closed up by 89.84 points, or 0.12%, at 73,738.45, and Nifty gained 31.60 points, or 0.14%, ending at 22,368.
Market Analysis:
- Despite opening on positive global cues and reduced volatility, profit booking in the final hour dampened gains made earlier in the day.
- Grasim Industries, Bharti Airtel, Nestle India, Maruti Suzuki, and HCL Technologies emerged as the top Nifty gainers, while Sun Pharma, BPCL, Reliance Industries, M&M, and Hindalco Industries incurred losses.
Sectoral Performance:
- Healthcare, metal, oil & gas, and energy sectors experienced declines, ranging from 0.3% to 0.8%, whereas FMCG, power, IT, realty, and auto sectors witnessed gains, ranging from 0.4% to 2%.
Market Highlights:
- Tejas Networks surged by 20%, reaching a record high, following a profitable March quarter, making it the top gainer in the Nifty Smallcap100 index.
- Foreign institutional investors (FIIs) net sold shares worth ₹2,915.23 crore, while domestic institutional investors (DIIs) bought shares worth ₹3,542.93 crore on April 22, indicating mixed investor sentiment.
Global Market Influence:
- European stocks rose for the second day, driven by strong earnings and positive economic data, particularly in the technology sector.
- Market focus remained on corporate earnings, with over 40% of the S&P 500 companies reporting results, impacting global market sentiments.
Also Read: Indian Real Estate Market Projected to Reach $1.5 Trillion by 2034: Report
Conclusion:
Despite late profit booking, Indian equity markets sustained their positive momentum for the third consecutive session. While realty stocks showcased resilience, metals faced downward pressure. Mixed global cues and earnings reports continue to influence market movements, reflecting a cautious yet optimistic sentiment among investors.
Disclaimer:
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