Share market today, Nifty index today, Sensex index today: The bulls were all over the place on Dalal Street on May 8, 2023, as investor sentiment got a boost with an encouraging set of quarterly numbers by India Inc, especially FMCG giants Britannia and Marico. Besides, positive global cues such as strong US jobs report, and Asian markets, too, aided investor sentiment. The bulls ended Monday's session in a style as the market witnessed heavy buying across the board. At close, the 30-share index Sensex ended at 61,764.25, up 710 points, or 1.16 per cent while the NSE's Nifty closed the session at 18,271.80, up 203 points, or 1.12 per cent.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Here's a look at the key factors that lifted the market higher today -

Q4 earnings: Companies such as Britannia Industries, Marico, and Paytm Q4 numbers had a positive influence on the bourse after reporting strong quarterly numbers. In the early morning deals, Britannia hit a record high of Rs 4,700.35 apiece on the BSE while Marico jumped nearly 9 per cent to hit a high of Rs 537.35. The Nifty FMCG index hit a record high of 48,686.15 during the trade.

Financials rally: A session after the HDFC duo tumbled dragging the markets lower, the financial stocks witnessed heavy buying in Monday's session. In the noon trade, the Nifty Bank quoted over 1.5 per cent higher to 43,255 levels. Barring Bank of Baroda and Punjab National Bank, all constituents of the index traded in the green.

Continued FII buying: Foreign investors continue to buy Indian shares. They remained net buyers for the second straight month in April. During the month, foreign institutional investors (FII) bought shares worth a net of Rs 5711.8 crore while domestic investors (DII) purchased equities worth a net of Rs 2,216.57 crore. "Support from global markets and sustained FII buying can revive positive market sentiments which were impacted by heavy delivery selling of Rs 4500 crores in HDFC twins last Friday. It is important to note that the fundamentals of the HDFC twins are strong and the selling was triggered by fears of outflows after the merger due to the MSCI weighting update," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

CATCH ALL THE LIVE MARKET ACTION HERE

Global cues: Asian shares were mostly higher on Monday as investors braced for a week where US inflation data will test wagers the next move in interest rates will be down, while worries about a possible credit crunch weighed on the dollar. Friday's robust US payrolls report has already delivered a setback to easing hopes and any upside surprise on consumer prices would challenge bets for a rate cut as soon as September, said a Reuters report.

Besides these, Sameet Chavan, Head Research, Technical and Derivatives, Angel One, had said last Friday, "We are of the opinion that if there is no aberration globally, we may see buying resuming at key supports. As far as levels are concerned, 18,000 followed by 17,900 are to be seen as key supports, whereas on the flip side, the sturdy wall once again stands at 18,150 – 18,250. It would be interesting to see how things shape up on the first of the week. Meanwhile, traders should continue with a stock-centric approach and should use declines to add longs with a near-term perspective."

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com