Stock Market Today: Nifty Closes At All-Time High Level As ITC, L&T, ICICI Bank, Axis Bank Gain
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KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.29% on Friday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 10 paise to close at 83.30 against the U.S dollar on Friday.
Rupee depreciated 7 paise to close at all time weakest level of 83.40 against the U.S. dollar on Thursday.
Source: Bloomberg
Nifty Closes At All-Time High Level: Closing Bell
India's benchmark stock indices the higher in the fifth consecutive week and fourth consecutive session on Friday. Today's gains were led by shares of ITC, Axis Bank, and ICICI Bank.
The Nifty 50 index ended 134 points or 0.67% higher at 20,267.90 points--its highest ever closing level after hitting an intraday high of 20291.55. Meanwhile the Sensex ended 493 points or 0.74% higher at 67,481.90 points.
Financial services and FMCG advanced, but automobile and telecommunications stocks were under pressure.
On a weekly basis, the Nifty 50 index gained more than 2% for the first time since June 30.
"The Nifty 50 index scaled a new high today on the back of strong GDP data for the July-September quarter and signs of revived FPI inflows," said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
"The next two days move will be key to watch with lot of data points and the new series movement, we remain positive unless 19,700 levels is not breached on the downside, " said said Vikas Jain, senior research analyst, Reliance Securities.
RSI has moved to the higher band of 70 levels trending above the average line and overbought zone on hourly time frame chart, he added.
Shares of ITC Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., ICICI Bank Ltd., and Reliance Industries Ltd. advanced.
On the other hand, those of HDFC Bank Ltd., Mahindra & Mahindra Ltd., Infosys Ltd., HDFC Life Insurance Co. Ltd., and Hero MotoCorp limited the gains.
All sectoral indices ended with weekly gains this week. Nifty Energy, Nifty Media, and Nifty Metal gained the most by over 3%. Nifty IT and Nifty Pharma gained the least by 1.9% and 1.7% respectively.
The broader markets outperformed their larger peers. The BSE Midcap ended up 0.96%, while the SmallCap closed 0.48% higher.
Nineteen out of the 20 sectors compiled by BSE Ltd. advanced, while BSE Auto declined.
The market breadth was skewed in the favour of buyers. About 2,141 stocks rose, 1,601 stocks declined, and 130 remained unchanged on the BSE.
European Markets Trade Higher
JSW Energy Approves Appointment Of Sharad Mahendra As MD & CEO
JSW Energy's board of directors approved appointment of Sharad Mahendra as MD, CEO, and key managerial person of the company with effect from today.
Prashant Jain, present CEO, will continue to serve in his current position till Jan 1, 2024 to ensure smooth transition.
Source: Exchange Filing
