May 18, 2023
New Delhi, India
Special Stock Market Session Highlights
In a special trading session on Saturday, the Sensex and Nifty 50 closed higher, marking a successful test of the stock market exchanges’ disaster recovery systems. The Sensex rose by 89 points to end at 74,006, while the Nifty 50 climbed 36 points to finish at 22,502. The gains were broad-based, with all sectoral indices ending in the green.
Top Gainers and Laggards
Leading the gains were Power Grid, Nestle, Zee, and Tata Motors. However, JSW Steel, M&M, and Maruti lagged behind, showing minor declines.
Sectoral Performance
Capital goods, PSUs, industrials, and media sectors were the top performers. Metals, PSU banks, pharma, and realty sectors also posted solid gains, contributing to the positive market sentiment.
Purpose of the Special Session
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) conducted this special session to test their operational resilience. The session featured an intra-day switch from the primary site to the disaster recovery site, ensuring that both exchanges can handle significant disruptions without affecting trading continuity.
US Market Recap
Meanwhile, US stock market had a mixed close on Friday. The Dow Jones Industrial Average crossed the 40,000 mark for the first time, closing at 40,003.59. The S&P 500 saw a modest rise to 5,303.27, while the Nasdaq Composite fell slightly to 16,685.97. Softening consumer prices in April have raised expectations of potential rate cuts by the US central bank later this year, although much will depend on future inflation data.
Go Digit IPO Update
The Go Digit General Insurance IPO, backed by the Fairfax Group, saw significant interest from retail investors. As of the second day of bidding, the retail portion was subscribed 2.54 times, with overall subscriptions at 79%. The IPO, which aims to raise over Rs. 1,176 crore, is seen as a long-term investment opportunity due to the company’s advanced technology and expansion plans.
Conclusion
Saturday’s special trading session highlighted the robustness of India’s stock exchanges and their preparedness for potential disruptions. With all sectors gaining and significant interest in new IPOs like Go Digit, the market sentiment remains positive.
Disclaimer:
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