Consumer Durables News

Sensex Nifty rebound after 3-day decline IT financial shares rise on easing inflation concerns


Mumbai, Jan 13 (PTI) Benchmark Sensex and Nifty snapped a three-day losing streak to settle higher by over half a per cent on Friday following buying in IT, financials and metal shares on easing inflation worries.
     The 30-share BSE Sensex rose by 303.15 points or 0.51 per cent to settle at 60,261.18. During the day, it jumped 460.23 points or 0.76 per cent to 60,418.26.
     The broader NSE Nifty rose by 98.40 points or 0.55 per cent to end at 17,956.60.
     From the Sensex pack, Tata Steel, IndusInd Bank, Infosys, UltraTech Cement, NTPC, Bajaj Finance, Hindustan Unilever, Tata Consultancy Services, ICICI Bank and Maruti were among the major winners.
     Titan, Nestle, Larsen & Toubro, Axis Bank, ITC and Asian Paints were among the major laggards.
     HCL Technologies and Infosys recovered from early losses to end in green.
     Infosys on Thursday reported a better-than-expected 13.4 per cent rise in profit for the December quarter and raised its annual sales forecast on a strong deal pipeline even as it warned of “constraints” in certain verticals amid slowing global economy.
     HCL Tech reported a 19 per cent increase in the consolidated net income to Rs 4,096 crore for the third quarter ended December 31, 2022, driven by growth in services revenue.
     “Easing inflation and brighter Q3 numbers projected by the second set of IT majors are outweighing the cautiousness of the market. CPI in India and US cooled off, thereby bolstering expectations of a less aggressive policy,” said Vinod Nair, Head of Research at Geojit Financial Services.
     “The recovery in banking, IT, auto and metal majors played a crucial role in the rebound while others witnessed a mixed trend,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
     In the broader market, the BSE smallcap gauge gained 0.22 per cent and midcap index went up marginally by 0.09 per cent.
     Among sectoral indices, metal jumped 1.05 per cent, teck climbed 1.05 per cent, power (1.03 per cent), utilities (0.94 per cent), IT (0.86 per cent) and commodities (0.75 per cent).
     Capital Goods and consumer durables were the laggards.
     Elsewhere in Asia, equity markets in Seoul, Shanghai and Hong Kong ended in the green, while Tokyo settled lower.
     Equity exchanges in Europe were trading higher in mid-session deals. Markets in the US had ended in the positive territory on Thursday.
     In a double delight, retail inflation in December eased to a one-year low of 5.72 per cent – staying below the upper tolerance limit for two months in a row, while factory output in November rose sharply to 7.1 per cent on the back of healthy growth in manufacturing.
     International oil benchmark Brent crude climbed 0.38 per cent to USD 84.35 per barrel.
     Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,662.63 crore on Thursday, according to exchange data. Elsewhere in Asia, equity markets in Seoul, Shanghai and Hong Kong ended in the green, while Tokyo settled lower.
     Equity exchanges in Europe were trading higher in mid-session deals. Markets in the US had ended in the positive territory on Thursday.
     In a double delight, retail inflation in December eased to a one-year low of 5.72 per cent – staying below the upper tolerance limit for two months in a row, while factory output in November rose sharply to 7.1 per cent on the back of healthy growth in manufacturing.
     International oil benchmark Brent crude climbed 0.38 per cent to USD 84.35 per barrel.
     Foreign Institutional Investors (FIIs) offloaded shares worth Rs 1,662.63 crore on Thursday, according to exchange data.



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