Stock Market Live Updates, 3 May 2023: SGX Nifty Signals Tepid Start; Watch Tata Steel, Ambuja, Grasim, Godrej Properties
Global markets started the week on a cautious note as investors weighed the impact of rising inflation and Covid-19 cases on economic growth. In Asia, the SGX Nifty indicated a tepid start for the Indian markets with a marginal decline of 0.15% at 14,550.50 points.
Among the top gainers, Tata Steel rose 1.5% to Rs 1,542.50 on the back of strong quarterly earnings, while Ambuja Cement rose 1.2% to Rs 398.95 following reports of increased demand for cement in the infrastructure and housing sectors.
Meanwhile, Grasim Industries saw a 1% increase in its share price, trading at Rs 1,620.65, on the back of positive news from its subsidiaries, including Ultratech Cement and Aditya Birla Capital.
Godrej Properties, India’s leading real estate developer, saw its share price rise by 0.7% to Rs 1,880.85 on the back of positive investor sentiment and strong demand for residential and commercial properties.
In the banking sector, ICICI Bank saw a marginal increase of 0.3%, trading at Rs 720.75, while HDFC Bank and Axis Bank remained largely flat.
In the commodities market, crude oil prices fell by 0.2% to $66.70 per barrel, while gold prices remained largely unchanged at $1,782 per ounce.
Overall, the markets are expected to remain volatile in the coming days as investors await key economic data releases and news on the Covid-19 front. Investors are advised to remain cautious and keep a close watch on individual stocks and sectors to identify potential opportunities.
