Stock market extends winning steak; PSU bank at new high
Sensex closed 487 points, or 0.66%, higher at 74,339.44 while the Nifty closed the day with a gain of 168 points, or 0.75%, at 22,570.35 on the monthly F&O expiry day.
The indices of equity stock markets extended its bullish streak for the fifth straight session, with almost all sectoral indices seeing gains during the trade on Wednesday. Corporate earnings of companies, such as Maruti Suzuki, are also looking up as more firms announce their quarterly results this week.
BSE Sensex went up 170 points to close at 60,300.58 and NSE Nifty surged 47 points to settle at 17,815.90 on Wednesday. Nifty Realty index ended 1.36 per cent higher at 435.95 today. The index has added 16 per cent over last one month. In the Asian markets, Hong Kong’s Hang Seng went up 139 points, Japan’s Nikkei lost 203 points, China’s Shanghai was in the red while Thailand Set was in the positive territory on Wednesday.
In US markets, Dow Jones lost 344 points, S&P 500 declined 65 points while Nasdaq was in the positive territory.
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In European markets, BEL, CAC, Deutsche Borse, FTSE 100, Madrid SE, Amsterdam Exchange were all trading in the negative territory.
Maruti Suzuki on Wednesday posted a jump of 42.34 per cent in its net profit to Rs 2,670 crore for the quarter ended March 31, 2023 (Q4 FY23), against Rs 1,875 crore in the year-ago period.
During the March quarter of FY23, revenue from operations rose 20.82 per cent to Rs 30,823 crore, against Rs 25,513 crore in the corresponding period the previous year, according to a statement shared with the stock exchanges by the carmaker. The company’s board of directors also declared its dividend on Wednesday.
The shares of the carmaker went up 0.19 per cent to Rs 8,485 apiece on Wednesday.
IT firm Tanla Platforms also declared its earnings on Wednesday. Its consolidated net profit slips to Rs 120 crore, against Rs 141 crore. Revenue from operations was at Rs 833 crore, against Rs 853 crore in the year-ago period. The final dividend of Rs 4 per share was declared by its board of directors on Wednesday.
Tata Starbucks on Wednesday said it surpassed the Rs 1,000-crore sales mark for the first time in FY23, after starting operations about a decade ago. Its net sales for FY23 stood at Rs 1,087 crore, representing a growth of 71 per cent over FY22.
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