Markets edge up; Nifty above 18,500

2 Jun 2023 , 01:11 PM

In the Friday afternoon session, Indian benchmark indices are trading with gains led by strong auto sales data in May. Further, there is an improvement in investors’ appetite for risk assets in anticipation of a pause in interest rate hikes by the US Federal Reserve.

However, for the overall week, the indices could settle flat.

On the sectoral front, the Nifty IT pack is trading lower. All other sectoral indices are trading in positive territory.

At around 1.10 PM, NSE Nifty is trading 65 points higher at 18,553. BSE Sensex is up by 207 points at 62,636.

Following the release of its May sales data, Hero MotoCorp (+3.30%) is leading the gainers’ chart. Hindalco (+2.47%) is trading with an uptick of about 2%. Titan (+1.23%), Dr Reddy’s (+1.21%), and Coal India (+1.19%) are trading with 1% gains each.

On the losers’ chart, Adani Enterprises (-1.69%) is on top. Eicher Motors (-1.10%) is trading 1% lower. Divis Lab (-0.56%), HCL Tech (-0.46%), and HDFC Life (-0.43%) are trading marginally lower.

A total of 37 stocks advanced on the nifty index today. 13 stocks registered a decline.

Globally, Asian equities also climbed as chances of Fed hiking interest rates reduce. Further, progress in the US debt-ceiling bill also boosted the sentiment.