Sensex rose 446 points to 63416

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MUMBAI: A good start in many parts of the country after the delay in monsoon and a reduction in the current account deficit along with indications that the merger of the HDFC twins in the banking sector is likely to take effect from July 1 led funds to rally again today, led by banking-finance stocks. As the El-Nino effect emerged, rain worries eased in the country, expectations of a rein in inflation and India's current account deficit-CAD narrowed to $1.3 billion in the quarter ending March and full fiscal year 2023 at $67 billion, while markets declined, discounting negative factors on the global front. The stalled boom had accelerated.

Sensex rose 446.03 points to 63416.03 and Nifty spot rose 126.20 points to close at 18817.40 on selective buying in banking-finance stocks, IT-software services, technology stocks as well as metal-mining, healthcare stocks. Out of the total 3639 scrips traded in BSE, the number of gainers was 2019 and the number of decliners was 1472.

Bankex jumped 590 points

In banking-finance stocks today, funds led heavy buying in both the stocks, indicating that the merger process of HDFC Bank with HDFC Ltd is likely to be completed by July 1. The BSE Bankex index jumped 590.03 points to close at 49886.99. HDFC Bank increased by Rs.22.60 to Rs.1658, HDFC Limited increased by Rs.43.15 to Rs.2762.50, HDFC Life Insurance increased by Rs.37.25 to Rs.667.70, State Bank of India increased by Rs.8.85 up to Rs.565.95, Federal Bank up by Rs.1.85 to Rs.123.15, Axis Bank up by Rs.13.65 to Rs.973.45, Kotak Mahindra Bank up by Rs.21.25 to Rs.1843, ICICI Bank It rose by Rs.9.45 to Rs.936.90, Canara Bank rose by Rs.2.95 to Rs.296.50.

A bullish current in IT stocks again

Funds again bought heavily in IT-software services, technology stocks. Birlasoft increased by Rs.12.90 to Rs.352.90, Ramco Systems increased by Rs.8.95 to Rs.255.80, 63 Moons Technology increased by Rs.7.40 to Rs.213.50, Onward Techno increased by Rs.16.60 500.50, Coforge rose by Rs.83.80 to Rs.4696.70, Emphases rose by Rs.26 to Rs.1840, L&T Technology rose by Rs.36.70 to Rs.3849, Infosys rose by Rs.8.55 to Rs. .1278.95 remained.

Investors' wealth increased by Rs.1.46 lakh crore

Aggressive rise in Sensex, Nifty based funds, along with buying in stocks of companies in banking, IT, metal, healthcare and other sectors, along with buying in small, mid cap, cash stocks, investors' wealth means that the aggregate market capitalization of companies listed in BSE increased by Rs. 1.46 lakh crore in a day. It reached Rs.292.13 lakh crore.

FPI/FII purchase of Rs.2024 crore in cash

Foreign Portfolio Investors-FPIs, FIIs made a net purchase of shares worth Rs.2024.05 crore in cash today-Tuesday. A total of Rs.8428.67 crore was sold against a total purchase of Rs.10,452.72 crore. While DII-domestic institutional investors had a net sale of shares worth Rs.1991.35 crore in cash today. A total of Rs.8775.70 crore was sold against a total purchase of Rs.6784.35 crore.


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