Sensex, Nifty50 shrug off weakness led by gains in metals, banks and auto stocks

• India’s benchmark indices Sensex and Nifty50 shrugged off early weakness to gain in the first hour of trading on Wednesday.
• While all the sectoral indices were in the green, metals, banks and auto indices gained the most.

India’s benchmark indices Sensex and Nifty50 shrugged off early weakness to gain in the first hour of trading on Wednesday. While all the sectoral indices were in the green, metals, banks and auto indices gained the most.

Both the benchmark indices were up 0.64% in the first hour of trading on Wednesday – while Sensex gained 375 points and stood at 59,337, Nifty50 gained 110 points to edge up to 17,414. The overall sentiment on the Nifty50 index was also largely positive, with 41 stocks advanced and only 9 stocks declining.

Top gainers and losers on Nifty50

Top gainers	Change	Top losers	Change
Adani Enterprises	9.49%	Britannia	-1.54%
Adani Ports & SEZ	2.88%	Power Grid Corporation	-1.42%
Hindalco	2.84%	Cipla	-0.44%
M&M	2.22%	SBI Life Insurance	-0.42%
Axis Bank	2.11%	Asian Paints	-0.35%

Source: NSE, March 1, 2023

Earlier on Tuesday, both Sensex and Nifty50 fell to cap off a volatile February month that saw see-saw movements. While Sensex fell 1.25% in February, Nifty50 declined 1.77%. Both the indices are down 3.61% and 4.91% in 2023 so far, respectively.



Bharti Airtel: The telecom operator has crossed 10 million unique 5G users since it rolled out the network in October 2022. The company says its 5G services are present across all states and is well poised to cover every town and key rural areas by the end of March 2024.

State Bank of India: The lender on Tuesday raised $1 billion via a syndicated social loan from global banks for further lending to certain kinds of socially impactful businesses in India. Reportedly, the funds will be used to further lend to microfinance institutions and self help groups.

Delhivery: Softbank Group may sell its stake worth ₹600 crore in the logistics and supply chain company via a block deal on March 1, says reports. The shares are likely to be offered at 3-5% discount to the current market price.

Adani Enterprises: The company said that its arm Mundra Aluminium has been declared as the preferred bidder for the Kutrumali bauxite block by the Odisha government. The Kutrumali bauxite block has geological reserves of 128 million tonnes.

Divgi TorqTransfer Systems: The Pune based auto component company will open its IPO from today March 1 and will conclude on March 3. The company is looking to raise a fresh issue of ₹180 crore along with an offer for sale (OFS) of up to 39.34 lakh equity shares to be sold by promoters and shareholders.

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