Stock Market India On Friday, 12 May 2023: Sensex & Nifty Soar, Financial & Auto Sectors Lead Gains

It was a rollercoaster ride for the Indian stock market on Friday, May 12, 2023. The Sensex and Nifty 50 began with a slight dip but managed to end the day on a high note, thanks to the financial and auto sectors. Despite the broader markets underperforming, Nifty Bank continued its upward trajectory, closing just shy of the record high. Midcaps didn't fare as well, with the index ending in the red.

Nifty Auto closed at a record high, with Eicher Motors, M&M, and Tata Motors leading the gains. Polycab and Siemens also ended at 52-week highs on the back of strong financial results. However, metal stocks remained weak due to falling prices, with some stocks down by up to three percent.

While Cipla ended three percent off lows after posting mixed Q4 results, Intellect Design and South Indian Bank saw impressive gains of 13 percent and eight percent, respectively, following their March quarter results. On the other hand, Manappuram Finance fell more than four percent, and IGL ended in the red ahead of its March quarter results. GSPL saw profit booking and ended in the red after reporting its March earnings.

Despite the market breadth favoring declines, the advance-decline ratio was at 3:4. BSE companies gained a market capitalization of nearly Rs. 35,000 crore on Friday, ending the week on a positive note for the third week in a row. Investors are eagerly awaiting more financial results from India Inc for domestic cues, with Tata Motors due to post its earnings later in the day. Overall, it was a volatile but positive day for the Indian stock market.