As per provisional closing data, the barometer index, the S&P BSE Sensex advanced 448.96 points or 0.76% to 59,411.08. The Nifty 50 index added 146.95 points or 0.85% to 17,450.90. In eight consecutive sessions, the Sensex slipped 3.84% while the Nifty fell 4.06%.
In the broader market, the S&P BSE Mid-Cap index rose 1.35% while the S&P BSE Small-Cap index gained 1.38%.
The market breadth was strong. On the BSE, 2,453 shares rose and 1,040 shares fell. A total of 133 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 7.31% to 13.
Economy:
India's GDP or gross domestic product slowed to 4.4 per cent in the October-December quarter 2022, primarily due to a 1.1 per cent contraction in manufacturing, along with weaker private consumption demand and government expenditure, according to the second advance estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.
For the full financial year 2022-23, the National Statistics Office (NSO) has retained the growth estimate at 7 per cent in the second advance estimates. According to the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. In financial year 2021-2022, India's economy grew at 8.7 per cent.
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The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was at 55.3 in February, little-changed from 55.4 in January and signaling a strong improvement in the health of the sector. The headline figure was also above its long-run average of 53.7.
India's core sector output, comprising eight sectors including coal and electricity accounting for nearly 40 per cent of industrial output, jumped 7.8 per cent in January 2023, the official data showed yesterday. The production of fertilizers, coal, electricity, steel, natural gas, cement and refinery products increased in January 2023 over the corresponding month of last year.
New Listing:
Shares of Sealmatic India were locked in an upper circuit of 5% at Rs 236.25 on the BSE, a premium of 5% compared with the issue price of Rs 225.
The scrip was listed at Rs 225, at par with the issue price. So far, the scrip hit a high of Rs 236.25 and a low of Rs 216. Over 9.64 lakh shares of the company have changed hands in the counter so far.
Shares of Viaz Tyres closed 11.29% higher at Rs 69 on the NSE, a premium of 11.29% as compared with the issue price of Rs 62.
The scrip was listed at Rs 68, representing a premium of 9.68% compared with the initial public offer price. So far, the scrip hit a high of Rs 71.40 and a low of Rs 68. At the counter, 23.14 lakh shares of the company had changed hands so far.
Shares of Macfos were locked in a lower circuit of 5% at Rs 174.80 on the BSE, a premium of 71.37% compared with the issue price of Rs 102.
The scrip was listed at Rs 184, representing a premium of 80.39% compared with the initial public offer price. So far, the scrip hit a high of Rs 184 and a low of Rs 174.80. Over 7 lakh shares of the company have changed hands in the counter so far.
February auto sales impact:
Maruti Suzuki advanced 1.56% after the car major said that its total sales rose 5.04% to 172,321 units in February 2023 as compared with 164,056 units in February 2022.
Bajaj Auto added 1.48%. The two wheeler maker's total sales declined 11% to 2,80,226 units in February 2023 compared with 3,16,020 units sold in February 2022. Total domestic sales surged 36% to 1,53,291 units, while exports tumbled 38% to 1,26,935 units in February 2023 over February 2022.
Tata Motors rose 1.38% after the company's total domestic and international sales for February 2023 stood at 79,705 vehicles, up 2.54% compared to 77,733 units during February 2022.
Mahindra & Mahindra rose 0.28%. The auto major said that its overall auto sales for the month of February 2023 stood at 58,801 vehicles, registering a growth of 8% as against 54,455 vehicles sold in February 2022. On a sequential basis, M&M's total auto sales fell 8.6% in February 2023 as against 64,335 units sold in January 2023.
Escorts Kubota fell 0.15%. The company said that its Agri Machinery business in February 2023 sold 7,811 tractors, registering a growth of 27.8% as against 6,114 tractors sold in February 2022. Domestic tractor sales in February 2023 were at 7,245 tractors registering a growth of 27.4 percent as against 5,686 tractors sold in February 2022.
Eicher Motors added 1.20% after the auto giant's its unlisted subsidiary, VE Commercial Vehicles (VECV) sales of commercial vehicles (CV) grew 24.5% to 7,289 units in February 2023 as compared with 5,856 units sold in February 2022.
Ashok Leyland declined 0.96%. The company reported 27% jump in total vehicle sales to 18,571 units in February 2023 from 14,657 units in February 2022. While medium & heavy commercial vehicles (M&HCV) sales increased by 35% YoY to 12,668 units, total light commercial vehicles (LCV) sales rose by 12% YoY to 5,903 in the month of February.
Steel Strips Wheels advanced 2.67% after the company said that it had achieved a net turnover of Rs 350 40 crore in February 2023 as against Rs 317.72 crore in February 2022, recording a growth of 10.29% on a YoY basis. The company's gross turnover in February 2023 was Rs 432.21 crore, up by 10.54% from Rs 390.97 crore in February 2022.
Global Markets:
Shares in Europe and Asia advanced on Wednesday as investors digested a slew of key economic data across the region.
China's factory activity in February showed further growth. China's official manufacturing purchasing managers' index rose to 52.6 in February, data from the National Bureau of Statistics showed. That's compared to January's reading of 50.1. Non-manufacturing PMI rose to 56.3, above January's reading of 54.4, the highest level since June 2022.
Japan's factory activity slowed at the fastest pace in two and a half years in February, private surveys by au Jibun Bank showed. The manufacturing purchasing managers' index fell to 47.7, down from 48.9 in January.
Australia's economy grew 2.7% for the whole of 2022, in line with economists expectations, but lower than 2021′s figure of 5.9%.
US stocks fell on Tuesday, as more evidence of stubborn inflation added to expectations that central banks will keep rates high.
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