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Stock Market Updates: Sensex, Nifty End in Positive Territory; MRF, TCS Top Gainers
14th June 2023: The Indian stock market ended in positive territory on Wednesday, with the Sensex and Nifty closing above their previous closing levels. The Sensex rose 418 points to close at 55,327, while the Nifty closed at 18,700, up 121 points.
The market was supported by positive cues from the global markets, where major indices closed in positive territory. Investors were also cheered by the strong performance of Indian companies in the March quarter earnings season.
Among the top gainers on the Sensex were MRF, which rose 4.6%, TCS, which rose 3.5%, and Infosys, which rose 3.3%. On the Nifty, the top gainers were Titan, which rose 5.2%, HDFC Bank, which rose 4.3%, and Reliance Industries, which rose 4.2%.
The market breadth was positive, with 1,900 stocks advancing, 1,200 stocks declining, and 100 stocks remaining unchanged.
Here are some of the top market players' stock details:
MRF: The tyre maker's stock hit a new all-time high of ₹1 lakh per share on Wednesday. The company's strong financial performance and robust growth outlook have been driving the stock's rally.
TCS: The IT major's stock rose on Wednesday after the company reported strong quarterly results. TCS's net profit for the March quarter grew 15.5% year-on-year to ₹9,478 crore.
Infosys: The IT major's stock also rose on Wednesday after the company reported strong quarterly results. Infosys's net profit for the March quarter grew 22.9% year-on-year to ₹6,409 crore.
The Indian stock market is expected to continue its positive momentum in the near term, supported by strong corporate earnings and positive global cues. However, investors should keep an eye on the rising inflation and interest rates, which could pose some headwinds to the market.
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