Monday, May 15, 2023, was an excellent day for Stock Market India. Both Sensex and Nifty 50 closed at a five-month high, surging 318 points to 62,346 and 84 points to 18,399, respectively. The Nifty Bank index was the standout performer, posting a record close of 44,072, up by 279 points. The market breadth favored advances, with the advance-decline ratio at 1:1.
Real estate stocks were the top gainers of the day, with the Nifty Realty index ending with gains of five percent. DLF & Godrej Properties led the rally, gaining 7% and 4%, respectively.
The rally was fueled by strong earnings from DLF and better-than-expected inflation print. Autos also continued to gain momentum, with Hero Moto, TaMo, and Eicher Motors being the top gainers.
Tata Motors was the star performer of the day, surging to a 52-week high on the back of healthy earnings and a reduction in auto biz debt. However, Cipla was the top Nifty loser, falling on manufacturing quality issues at two plants.
All Adani Group stocks closed lower except ACC, with the market cap down by Rs 25,000 crore. Meanwhile, healthy operating numbers from Colgate led the stock up by more than 2%. Siemens, ABB, and Navin Fluorine saw profit booking following a good run on earnings. Neogen Chem and Kalyan Jewellers ended in the red after posting mixed Q4 results.
Affle, Sonata Soft, Patel Engg, Ami Organics, DLF, and VST Tillers surged on Q4 results. Home First Fin fell nearly 4% after 5.4% equity changes hands in a block deal. Vedanta rose 3% from lows after the CFO appointment announcement.
Overall, BSE companies gained a market capitalization of more than Rs. 45,000 crore on Monday, marking a positive start to the trading week. Investors will be keeping an eye on the upcoming earnings releases, as they could provide further cues for the market's future direction.