Sensex, Nifty Surge Higher As Stocks Rally On Positive Global Cues

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(RTTNews) - Indian shares are up firmly Monday morning on widespread buying thanks to positive global cues.

The rally on Wall Street on Friday on encouraging jobs data and strong results from Apple Inc set up a firm start for Asian markets this morning.

Shares from financials, automobile, FMCG and realty sectors are among the top gainers. Several stocks from technology and oil sectors are also notably higher.

The benchmark BSE Sensex, which surged to 61,722.41, is up 565.62 points or 0.93% at 61,619.91. The broader Nifty50 index of the National Stock Exchange is up 152.10 points or 0.84% at 18,221.10, easing a bit from a high of 18,252.25.

Only three stocks out of the 30-stock Sensex are down in negative territory. Larsen & Toubro, Sun Pharmaceutical Industries and Asian Paints are down 0.3 to 0.7%.

IndusInd Bank is surging 5%. Bajaj Finance, Bajaj Finserv, Tata Motors, Kotak Bank, Mahindra & Mahindra and Power Grid Corporation are gaining 1.5 to 3%.

HDFC, ICICI Bank, HDFC Bank, Maruti Suzuki, Titan Industries, NTPC, UltraTech Cement and Hind Unilever are up 1 to 1.4%.

Hindalco is rising more than 2%. ONGC is up nearly 2%, while Axis Bank, HDFC Life is up 1.5%. Hero Motocorp and Grasim Industries are also notably higher.

IT majors Infosys, Wipro, Tech Mahindra and Tata Consultancy Services are up marginally. HCL Technologies is gaining about 0.7%.

Coal India shares are down 2.7% on lower earnings. The company reported consolidated net profit of Rs 5,527.62 crore for the March quarter, down 17.7% from a year ago. Consolidated revenue for the quarter rose 17.3% year on year.

Adani Power reported consolidates net profit of Rs 5,242.48 crore in the fourth quarter of 2022-23, compared to Rs 4,645 crore a year ago. The stock is down nearly 1%.

Union Bank of India is down 1.7%. The bank reported a net profit of Rs 2,812 crore for the quarter ended March 2023, compared to Rs 1,557 crore in the corresponding quarter of the previous year.

Bank of India is down nearly 6% despite reporting a 123% jump in net profit at Rs 1,350 crore in the fourth quarter of financial year 2023, from Rs 606 crore in the fourth quarter of the previous financial year.

Piramal Enterprises Limited reported a net loss of Rs 196 crore in the January - March quarter as against a profit of Rs 151 crore a year ago. Piramal shares are up 0.7%.

Alembic Pharma reported a net profit of Rs 153 crore for the quarter ended March 2023, compare with Rs 22 crore in the year-ago quarter. The stock is gaining about 1.2%.

Euro Higher Against Majors

The euro appreciated against its major counterparts in the New York session on Friday.

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The Switzerland market ended on a firm note on Friday with stocks from across several sectors gaining ground on sustained buying support. The mood remained positive right through the day's session, amid some expectations about an end to the Ukraine war.

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European stocks closed on a mixed note on Friday with investors largely staying cautious, awaiting the meeting of the Presidents of the U.S. and Russia, and continuing to assess Trump administration's tariff moves and their impact on global economic growth.

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A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said business inventories rose by 0.2 percent in June after coming in unchanged in May. The uptick matched expectations.

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Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of August, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index fell to 58.6 in August from 61.7 in July. Economists had expected the index to inch up to 62.0.

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A report released by the Federal Reserve on Friday showed a modest decrease by U.S. industrial production in the month of July. The Fed said industrial production edged down by 0.1 percent in July after climbing by an upwardly revised 0.4 percent in June. Economists had expected industrial production to come in unchanged.

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New York Manufacturing Index Unexpectedly Climbs To Nine-Month High In August

The Federal Reserve Bank of New York released a report on Friday showing regional manufacturing activity unexpectedly grew at a faster rate in the month of August. The New York Fed said its general business conditions index climbed to 11.9 in August from 5.5 in July, with a positive reading indicating growth. Economists had expected the index to fall to 0.5.

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