Market shrugs off weak global cues, Nifty ends at 18,241; financials rally

Bucking weak global trends, the domestic equity market ended nearly a per cent on May 4, 2023. The S&P BSE Sensex ended at 61,749.25, up 556 points, or 0.91 per cent while the NSE's Nifty neared the 18,250 mark to end at 18,241.40, up 152 points. Financials ruled today as Bajaj Finance, HDFC, HDFC Bank, and Bajaj Finserv, were among the top gainers on the Sensex. However, IndusInd Bank was an outlier as it ended as the biggest laggard on the 30-share index.

"Following a widely expected rate hike by the Fed and consistent foreign support, the domestic equities resumed its bullish momentum, driven by gains across major sectors. However, the US market faced losses as the Fed reiterated concerns over elevated inflation despite softening its language on future rate hikes. Signs of returning contagion fears in regional US banks also weighed on the global market mood," said Vinod Nair, Head of Research at Geojit Financial Services.

BUZZING STOCKS

Among top gainers on the BSE, General Insurance Corporation of India rallied 20 per cent. The New India Assurance Co. was second on the list - up 15 per cent. JAI Corp surged over 10 per cent while TTML gained 10 per cent. BEML also rallied over 9 per cent. Besides, ABB India hit a 52-week high of Rs 3,662.25 on the back of strong March quarter numbers. That apart, shares of Cholamandalam Investment and Finance Company zoomed over 9 per cent to touch a new life high of Rs 970 on the NSE after it reported stellar numbers for the March quarter. The stock ended at Rs 949.20, up 7 per cent on the BSE.

GLOBAL MARKETS

Europe's stock markets and the euro sagged on Thursday as investors waited for another European Central Bank rate rise after the US Federal Reserve signalled that its marathon hiking run might finally have hit pause. Oil prices rose on Thursday but were unable to claw back much of this week's more than 8 per cent decline as demand concerns in major consuming countries continued to weigh, Reuters reported.