Markets kick off FY23 in style with over 1% gain; Sensex recaptures 59,000 mark
The Hindu
NTPC, PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank were among the lead gainers.
Equity markets began the new financial year with smart gains on Friday, with the Sensex rallying over 708 points to recapture the crucial 59,000-mark following gains in index majors HDFC twins and Reliance Industries, along with foreign fund inflows.
On the first day of trading in the new financial year, the BSE barometer rallied 708.18 points or 1.21% to settle at 59,276.69. During the day, it jumped 828.11 points or 1.41% to 59,396.62.
The broader NSE Nifty advanced 205.70 points or 1.18% to settle at 17,670.45.
From the 30-share Sensex pack, NTPC, PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank were among the lead gainers.
In contrast, Tech Mahindra, Sun Pharma, Dr Reddy's, Titan and Infosys were the laggards.
Elsewhere in Asia, exchanges in Seoul and Tokyo ended lower, while Shanghai and Hong Kong settled in the green. Markets in Europe were mostly trading higher.
Stock exchanges in the U.S. ended on a negative note in the overnight session.
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Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
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