Sensex, Nifty50 surge in morning trade led by IT, FMCG and PSU bank stocks

• India’s benchmark indices Sensex and Nifty50 surged in morning trade on Friday despite negative cues in global markets.
  
• Leading the morning gains were IT, FMCG and PSU bank stocks.
  
• Both the benchmark indices are up by 0.3%, with Sensex hovering at 62,079 points and Nifty50 hovering at 18,374 points.

India’s benchmark indices Sensex and Nifty50 surged in morning trade on Friday despite negative cues in global markets. Leading the morning gains were IT, FMCG and PSU bank stocks.

Both the benchmark indices are up by 0.3%, with Sensex hovering at 62,079 points and Nifty50 hovering at 18,374 points.

Top gainers and losers on Nifty50

Top gainers	Change	Top losers	Change
Reliance Industries	1.66%	ONGC	-1.78%
Tech Mahindra	1.27%	Grasim Industries	-1.48%
Tata Consumer	1.10%	Power Grid Corporation	-0.55%
Wipro	1.09%	Bhartti Airtel	-0.42%
Maruti Suzuki	0.98%	Axis Bank	-0.34%

Source: NSE, as on May 26, 2023
Earlier on Thursday, markets closed in the green after a recovery in the fag-end of the trading session, closing 0.2% higher.

Gold prices edged lower to ₹59,500 per 10 grams while silver was hovering at ₹70,200 per kilogram. Crude oil prices edged lower, with Brent crude hovering at $76 per barrel.

Global markets remain in a flux over US debt ceiling

Global markets remained in a flux over the US debt ceiling crisis. While Dow Jones fell 0.11%, S&P 500 closed 0.88% higher on Thursday. The tech-heavy Nasdaq rallied 1.71%.

Sentiments in Asian markets were similarly mixed, with Hang Seng falling 1.97%, followed by Shanghai Composite which was down 0.55%. Taiwan Weighted was up 1.12%, while Nikkei 225 gained 0.97%. KOSPI edged up too, gaining 0.2%.

Stocks to watch

Zee Entertainment: The media and entertainment company reported a net loss of ₹196 crore in the March quarter as against a profit of ₹182 crore a year ago. Revenue declined 9% YoY to ₹2,112 crore.

Vodafone Idea: The telco trimmed its losses in the March quarter to ₹6,419 crore from ₹6,563 crore a year ago and ₹7,988 crore in the December quarter. Its revenue rose 3% YoY to ₹10,532 crore, while average revenue per user (ARPU) remained flat sequentially at ₹135.

Reliance Industries: The company’s FMCG arm, Reliance Consumer Products, completed the acquisition of a 51% stake in Lotus Chocolates for ₹74 crore and also subscribed to the company’s non-cumulative redeemable preference shares for ₹25 crore.

Earnings today: ONGC, M&M, Sun Pharmaceuticals, Bharat Heavy Electricals, Avalon Technologies, Indigo Paints, Samvardhana Motherson International, TCI Express, Grasim Industries, among others.

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