The benchmark S&P BSE Sensex closed 234 points higher at 61,964 level, lifted by Tech M (up 3 per cent), Wipro, TCS, HCL Tech, and Infosys. L&T, ITC, Titan, Ultratech Cement, and Maruti Suzuki India, meanwhile, were other top gainers.
The broader Nifty50, too, eked out gains of 111 points to end at 18,314 supported by Adani Enterprises (up 19.5 per cent), Adani Ports, Divi’s Labs, and JSW Steel.
In the broader markets, the BSE MidCap and SmallCap indices advanced up to 0.7 per cent as against 0.3-0.6 per cent rise in the frontline indices.
Among sectors, the Nifty Metal climbed over 3 per cent, followed by the Nifty IT index (up 2.5 per cent). On the downside, the Nifty Bank index slipped 0.2 per cent.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The near-term uncertainty in the global equity markets is likely to continue since there is no resolution yet on the US debt ceiling issue. A strong rally will happen only after this impasse is out of the way.”
“The undercurrent of the market is bullish. Bank Nifty is likely to gain more traction since the Rs 2000 note withdrawal is positive for banks. It will add to the deposits of banks and increase their CASA thereby boosting their bottom line,” he added.
He further said: “An important message for investors is that interest rates have peaked, globally as well as in India, and this is positive for equity markets in the second half of CY 2023. Rate sensitives like financials, real estate/construction and autos will benefit from a probable rate cut by end 2023. From the valuation perspective, IT stocks are good value buys now.”
Global Cues
Globally, the US markets fell on Friday as investors fretted over debt default. Dow Jones, the S&P 500, and NASDAQ Composite indices slipped up to 0.3 per cent.
However, recent reports indicate that President Joe Biden and Republican House Speaker Kevin McCarthy had a positive conversation on Sunday. Both the leaders are set to meet today, 10 days away from the deadline (June 1).
Asia-Pacific markets, too, exhibited weakness this morning, with Nikkei 225, Topix, the S&P 200 indices declining up to 0.1 per cent.
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