Market gains after three days of loss, metal, PSU banks shares rise

gold prices in india reached new high today of crossed the previous high of Rs 56,245 per 10 grams in the futures market 56,191, hit in Aug 2020.

At the close, the Sensex was up 303 points or 0.51 per cent at 60,261.18, while the Nifty 50 was up 98 points or 0.55 per cent at 17,956.60.

there were some encouraging factors at play we inflation dataGood earning from ancillary industry data and IT companies in India, Infosys And hcl technology,

“Despite positive US and India inflation data, Nifty traded negative in the first half. Buying emerged in the second half and the Nifty gained momentum. The US CPI data for the month of December fell to 6.5% raising expectations of a less aggressive interest rate hike by the US Fed,” said Siddharth Khemka, Head – Retail Research, Motilal Oswal Financial Services.

On the domestic front, CPI inflation eased to 5.72% in December, while IIP growth eased to 7.1% in November 2022.

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“IT results have so far come in better than estimates, thus allaying concerns regarding growth slowdown due to macro headwinds. While this sector may see some further consolidation given macro uncertainties, we believe valuations have substantially corrected and offer a value buy at these levels,” Khemka said.

The broader market remained muted as the BSE Midcap index closed flat to positive while the Smallcap index saw a marginal gain of 0.22 per cent.

The maximum gain was in metal, IT and bank index. Consumer durables was the only index that did not contribute to the bounce back and remained under pressure throughout the day and declined by one per cent.

“Bank Nifty bulls managed to hold the support near 41,700 on the downside, and the index moved higher throughout the day. However, the bulls will need to breach the 43,000 level on a sustained basis to regain complete control. Kunal Shah, Senior Technical Analyst, LKP Securities said, the undertone remains bullish and traders should continue to buy on dips till the index sustains above 41,700.

Tata Steel, IndusInd Bank, Infosys, UltraTech Cement and ICICI Bank were top gainers, while Titan, Nestle, larsen and toubroAxis Bank and ITC were the top losers.

Read also: Cement sector outlook positive, UltraTech among top 3 chosen by Motilal Oswal

Of the total 3,634 scrips that traded on BSE today, the market breadth was positive with 1,993 advancing and 1,487 declining.

As many as 108 stocks, including Kamat Hotels and PNB Housing, touched 52-week highs today, according to BSE data.

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