FIRST TRADE: Stocks open in the green, Nifty tops 18,270; SBI, ITC gain ahead of Q4 nos
The S&P BSE Sensex traded 314 points, or 0.51 per cent higher at 61,874.46 levels while the NSEs Nifty was ruling at 18,277.30, up 96 points, or 0.53 per cent.
The benchmark indices witnessed a solid start to the trade on May 18, 2023, as suggested by SGX Nifty and global cues. The S&P BSE Sensex traded 314 points, or 0.51 per cent higher at 61,874.46 levels while the NSE's Nifty was ruling at 18,277.30, up 96 points, or 0.53 per cent. HDFC duo, ICICI Bank, and Reliance Industries (RIL) were the top contributors to the Sensex's gains. Axis Bank (up 1.5 per cent) was the top gainer on the index, followed by Bajaj Finance and Bajaj Finserv.
"For today’s weekly expiry, we expect the Nifty to consolidate in the broader range of 18,100-18,400. On the downside, the 18,100 Put strike holds sizeable OI, which should act as support. On the other hand, the 18,400 Call strike holds noteworthy OI, which should act as an immediate hurdle zone," says ICICI Direct in its report.
In the broader market, the S&P BSE MidCap index traded at 26,444.91, up 0.44 per cent and the S&P BSE SmallCap index rallied 0.54 per cent to 30,034.66 levels.
The market is delicately poised with both bullish and bearish signals. Profit booking at higher levels and the buildup of short positions are bearish signs. But optimism regarding the resolution of the US debt ceiling impasse is a bullish sign. Since a failure to raise the debt ceiling and the consequent default will have catastrophic consequences not only for the US economy and financial system but also for the global economy and global financial system, a resolution to the impasse will be reached even if at the eleventh hour. Positive global cues will embolden the bulls to charge once again towards new highs. Two major results today -SBI and ITC- are likely to be very good and can aid the bulls, notes Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
STOCKS ON RADAR
Shares of SBI and ITC were trading with over half a per cent gains in the trade ahead of their March quarter results, scheduled to be released later today. Jubilant FoodWorks slipped more than 3 per cent after the company's March quarter numbers missed analysts' estimates.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.