scorecardresearchMarket rises to five-month high on improved global cues; Nifty up over

Market rises to five-month high on improved global cues; Nifty up over 30 points

Updated: 30 May 2023, 10:57 AM IST
TL;DR.

  • The blue-chip Nifty 50 index was up 0.17% at 18,630.60 as of 10:47 a.m. IST, while the benchmark S&P BSE Sensex gained 0.11% to 62,914.58.

Both benchmarks logged fresh five-month highs for the third session in a row.

Both benchmarks logged fresh five-month highs for the third session in a row.

(Reuters) - Indian shares rose on Tuesday, aided by broad-based gains across sectors, on improved global cues after U.S. lawmakers reached a tentative debt ceiling deal over the weekend.

The blue-chip Nifty 50 index was up 0.17% at 18,630.60 as of 10:47 a.m. IST, while the benchmark S&P BSE Sensex gained 0.11% to 62,914.58.

Both benchmarks logged fresh five-month highs for the third session in a row.

Eleven of the 13 major sectoral indexes logged gains. High-weightage financials, which powered the rise in Nifty 50 over the last two sessions, took a breather on Tuesday.

"It is evident that the rally in Indian markets has been fuelled by the U.S. debt ceiling being raised," said Prashant Tapse, senior vice president (research) at Mehta Equities.

"It is advisable for investors to consider buying during dips in the market, as the overall outlook remains positive."

Asian equities were mostly higher as investors cheered the prospect of the world's largest economy averting a major debt default. U.S. markets were closed on Monday.

"Expect the Nifty 50 to head toward its life-high levels on the back of positive global cues, consistent FIIs buying, and healthy corporate earnings", said Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services.

Foreign institutional investors (FIIs) bought 17.58 billion rupees ($214.97 million) worth of Indian equities on Monday. FIIs have been net buyers in Indian stocks in 22 of the last 23 sessions.

Among individual stocks, real estate firm Sobha Ltd , Hikal Ltd and Isgec Heavy Engineering Ltd all jumped around 10% after reporting a rise in March-quarter profit.

Rail Vikas Nigam Ltd lost over 3% on a slide in net profit, while Jubilant Pharmove Ltd lost over 6% after posting a net loss.

 

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First Published: 30 May 2023, 10:57 AM IST