Market Closing: Sensex up 211 points, Nifty at 18,563 as IT and FMCG drive gains

New Delhi: The Sensex on Monday closed at 62,504.80, up 211.16 points, or 0.34 per cent, while Nifty was at 18,562.75, up 50.00 points, or 0.27 per cent.

Metals and financials were the top drags, while auto and FMCG were the top gainers. On the 30-share Sensex, RIL, Nestle India, and Asian paints were top gainers, while Tata Steel, Bharti Airtel, and HDFC Bank were top drags.

Among broader indices, the BSE MidCap and SmallCap indices closed 0.72 per cent 0.77 per cent higher, respectively. Meanwhile, the Nifty MidCap100 and SmallCap100 indices, 0,73 per cent 1.23 per cent higher, respectively.

S&P Global Ratings on Monday cut India’s FY23 GDP growth forecast to 7 per cent from 7.3 per cent, and FY24 GDP forecast to 6 per cent from 6.5 per cent, but stated that the country’s economy is likely to be less impacted by the global slowdown.

Meanwhile, Fitch Ratings stated that India’s bank credit uptake is expected to rise 13 peer cent in FY23 on continued expansion in the country’s nominal GDP.

A third of Adani’s open offer for NDTV was subscribed despite being offered at a discount as of Monday. Adanio Enterpriuses floated the open offer last week.

Meanwhile, Benchmark Brent crude declined 2.98 per cent to $81.14 per barrel.

Indian indices were buoyant on low crude oil prices as well as a decline in the dollar index.

“Despite unfavourable global cues, the domestic market reversed its early losses to trade at record highs. Following the decline in oil prices, oil & gas stocks led the rally in anticipation of margin gains, as ongoing protests in China fuelled demand concerns. Going ahead, global markets will depend on Powell’s speech on Wednesday, which is crucial in maintaining the momentum, as the market seems to have factored in a moderation in the pace of rate hike,” said Vinod Nair, Head of Research at Geojit Financial Services.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

Equity exchanges in Europe were trading in the negative territory in the afternoon trade. Wall Street had ended mostly lower on Friday.

Foreign Institutional Investors (FIIs) bought shares worth Rs 369.08 crore on Friday, as per exchange data.

(With PTI inputs)