Tata Motors: Stock markets climb for 2nd day on continuous foreign fund inflows


MUMBAI: The benchmark indices Sensex and Nifty gained around half a percent and closed on Monday after continuous continuity at a nearly five-month high inflows of foreign funds and fixed trends in Asia and European markets.
The 30-stock BSE Sensex rose 317.81 points, or 0.51 percent, for the second straight day to close at 62,345.71, its highest close since December 14. On the day, it rose 534.77 points, or 0.86 percent, to 62,562.67.
The broader NSE Nifty gained 84.05 points, or 0.46 percent, to close at 18,398.85 points, a level not seen since December 20, 2022.
Among the Sensex companies are Tata Motors rose nearly 3 percent after reporting its quarterly results. ITC, Tech Mahindra, Hindustan Unilever, Larsen & Toubro, Infosys, Tata Steel and Mahindra & Mahindra were the other biggest gainers.
Tata Motors reported consolidated net income of Rs.5,408 crore for the March quarter, buoyed by rising domestic demand, pricing action and easing supply chain issues, and is aiming to improve profit margins this fiscal year despite headwinds.
Maruti, Tata Consultancy Services, Bajaj FinanceAsian Paints, Bajaj Finserv and Nestle were the laggards.
Foreign institutional investors (FIIs) were buyers on Friday, buying Rs 1,014.06 crore in shares, according to stock market data.
Overseas investors showed strong buying interest in Indian equities in May, investing more than Rs.23,152 crore in the first two weeks.
In Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended trading in the green. European markets mostly posted gains. The US market closed slightly lower on Friday.
Wholesale prices in India fell in April for the first time in almost three years as falling commodity prices around the world led to falling food, fuel and other input costs for producers.
WPI inflation has been declining over the past 11 months, coming in at (-)0.92 percent in April.
The BSE benchmark was up 123.38 points, or 0.20 percent, on Friday to close at 62,027.90, its highest closing level since December 12, 2022. The Nifty was up 17.80 points, or 0.1 percent, to 18,314 ,80.
Meanwhile, global oil benchmark Brent crude rose 0.24 percent to $74.34 a barrel.

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