After opening flat, Indian equity indices closed higher on the first trading day of 2023, led by an uptick in banking, financial and IT stocks. Metal stocks were the top gainers following reports of China raising export duties to support their domestic demand, which is positive for India.
The Nifty50 index closed 92 points or 0.51% higher at 18,197, while the S&P BSE Sensex rose 327 or 0.54% to 61,167.
From the Sensex pack,
was the top gainer, rising about 6%. , , , M&M , and also closed with gains.
On the other hand,
, , , , and closed with cuts.
Most of the major sectoral indexes logged gains, with metals and high-weightage financials rising 2.43% and 0.49%, respectively.
The Nifty Realty surged 1%. Auto, banks, oil & gas, FMCG and IT stocks also closed higher. Whereas, in the broader market, Nifty Midcap50 and Smallcap50 increased 0.80% and 1.02%, respectively.
“Investors welcomed the new year on a high note with data showing strengthening domestic business conditions. India’s manufacturing PMI rose to 57.8 in December from 55.7 in the previous month, with new orders rising at the fastest pace since February 2021,” said Vinod Nair, Head of Research at .
“We expect 2023 to be a year to buy equities in anticipation that a large part of the global recession has already been factored in the market,” Nair added.
Financial markets in Australia, China, Hong Kong, Japan, Malaysia, New Zealand, Singapore and Taiwan were closed today on the account of a public holiday. Wall Street would also remain shut today.
The Indian rupee closed largely unchanged against the US currency in thin volume on Monday as the New Year holiday in several markets made for lacklustre trade. The rupee ended at 82.73 per dollar, against its previous close of 82.72.
Meanwhile, the market capitalisation of all listed companies on the BSE surged by Rs 1.47 lakh crore to Rs 283.85 lakh crore.
The market breadth was skewed in favour of bulls. About 2,304 stocks gained, 1,304 declined and 180 remained unchanged.
“The Nifty is consolidating between 18,050 and 18,250 levels. For the bulls, 18,250 would be the fresh breakout level to watch out for, and above the same it could move up to 18,350-18,400. On the flip side, below 18,100, there is a strong possibility of a quick intraday correction. Below the same, the index could slip till 18,050-18,000,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
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