Bullish Rebound,Sensex Rises 112 Pts, Ahead of Inflation Data

Ira Singh
Khabar Khabaron Ki,13 May’24

The domestic equity benchmark indices recover from over 1% from day’s low and ended on positive note on Monday,ahead of release of domestic inflation data.At close the Sensex was up 111.66 points or 0.15 percent at 72,776.13,and the Nifty was up 48.85 points or 0.22 percent at 22,104.05.

Highlights of trade:
●Zomato among 59 companies to declare results,
●Tata Motors tanks 6% as brokerages downgrade stock,
●Jefferies, IIFL upgrade Bank of Baroda post Q4 show,
●Indegene stock debuts at 46% premium over issue price on BSE,
●Varun Beverages Q1 PAT jumps 25% YoY to Rs 548 crore.

On the sectoral front, Asian paints,Sun Pharma ,TCS and Axis Bank were the top gainers on the Nifty ,while losers included PSU Bank,Auto, Oil and Gas,Metal and Realty index.The broader markets also witnessed selling with both BSE Midcap and BSE Smallcap declining by nearly 1 percent.

Rupee Close:
On 13 May’24,the Indian rupee falls 1 paisa to close at 83.52 against US dollar on Monday, as the support from positive domestic equities was negated by strong American currency.

Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias.

Trading Guide:
As anticipated, markets were extremely volatile and gyrated nearly 1000 points before ending with modest gains on selective buying in banking, IT, capital goods and realty shares. While mixed global cues hardly enthused local investors, concerns over strong FII selling in the month so far along with caution in the poll season kept the upside limited with investors also trading with caution ahead of the inflation announcement, believe experts .

Market experts have recommended eight buy or sell stocks for today — Tube Investments, Polycab, Bharti Airtel, Bajaj Finserv, BPCL, Laurus Labs, Power Grid, and CUB.