Sensex, Nifty50 rise in morning trade driven by auto and banking stocks

• India’s benchmark indices Sensex and Nifty50 surged in morning trade on Monday amidst positive cues in global markets.
  
• Driving the rise in benchmark indices were auto and banking stocks.
  
• Both Sensex and Nifty50 were trading 0.5% higher, with Sensex hovering at 62,860 points and Nifty50 at 18,620 points.

India’s benchmark indices Sensex and Nifty50 surged in morning trade on Monday amidst positive cues in global markets. Driving the rise in benchmark indices were auto and banking stocks.

Both Sensex and Nifty50 were trading 0.5% higher, with Sensex hovering at 62,860 points and Nifty50 at 18,620 points.

Top gainers and losers on Nifty50

Top gainers	Change	Top losers	Change
Axis Bank	2.26%	Divi's Laboratories	-1.26%
Adani Enterprises	1.95%	Bharat Petroleum	-1.10%
M&M	1.76%	Tech Mahindra	-0.81%
Grasim Industries	1.37%	Asian Paints	-0.65%
Sun Pharma	1.29%	Hindustan Unilever	-0.56%

Source: NSE, as on June 5, 2023
Earlier last week, markets closed 0.5% in the red due to weak global cues and increased volatility.

Gold prices edged lower to ₹59,600 per 10 grams while silver was hovering at ₹72,000 per kilogram. Crude oil prices gained as well, with Brent crude hovering at $77 per barrel.

Global markets rise on hopes of a US Fed rate pause

Following the signing of the US debt ceiling proposal and now a mixed jobs report, markets are rising around the world on hopes of the US Fed’s FOMC pausing its rate hikes. Dow Jones rallied 2.12% while S&P 500 gained 1.45%. The tech-heavy Nasdaq closed 1.07% in the green.

Asian markets were also upbeat on Monday, led by Nikkei 225 which rallied 1.63%, followed by KOSPI which was up 0.58% and Hang Seng which gained 0.55%. Taiwan Weighted was up 0.24% while Shanghai Composite was trading 0.2% in the green.

Stocks to watch

Wipro: The company has determined June 16, 2023 as the record date for determining the shareholders entitled to participate in the ₹12,000 crore share buyback, at ₹445 per share, nearly 10% higher than the current market price of ₹405.

Hero MotoCorp: The company has launched a new 100cc motorcycle, the HF Deluxe, starting at an ex-showroom price of ₹60,760.

SBI Life: The Insurance Regulatory and Development Authority of India (IRDAI) has identified SBI Life as the acquirer of the life insurance business of Sahara Life Insurance.

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