Stock Market Today: Sensex, Nifty Log Best Stretch Of Weekly Gains In Nearly Three Years; Nifty Bank Hits Fresh High
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KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Higher As RBI Keeps Policy Rates Unchanged
The yield on the 10-year bond closed 3 bps higher at 7.27% on Friday.
Source: Bloomberg
Closing Bell: Nifty Log Best Stretch Of Weekly Gains In Nearly Three Years; Nifty Bank Hits Fresh High
Indian benchmark indices rose for six straight weeks, logging best weekly gains in nearly three years.
The NSE Nifty 50 index ended at record high after hitting 21,000 mark for the first time on Friday. Similarly, the BSE Sensex also touched a fresh-high and ended at record high level.
The NSE Nifty 50 ended 68.25 points, or 0.33% higher, at 20,969.40, while the S&P BSE Sensex closed 303.91 points, or 0.44% higher at 69,825.60.
The Nifty Bank index also touched a fresh high during the last leg of the trade and ended 0.90% higher at 47,262.00.
The Reserve Bank of India's Monetary Policy Committee kept the repo rate unchanged at 6.50% in line with market expectation, today. The rate-setting panel also kept its stance of withdrawal accommodation unchanged to ensure inflation comes down to the central bank's medium term target of 4.00%.
"Nifty opened on a positive note once again with a new record high and thereafter consolidated finding resistance near 20950 zone for rest part of the session halting the ongoing rally as of now. The near-term support would be 20500 and once a decisive breach above 21000 is establish then further targets till 21800-21900 levels can be anticipated. The support for the day is seen at 20800 while the resistance is seen at 21100," said Vaishali Parekh, vice president - technical Research, Prabhudas Lilladher
"The Indian equities benchmark indices posted strong gains in an eventful week. The Nifty Index and the Sensex Index gained 3% this week and outperformed most global equity markets. The BSE Midcap and the Smallcap index also posted gains but underperformed the Nifty and the Sensex Index. BSE Power and the BSE Oil & Gas index posted strong returns this week, followed by BSE Energy, BSE Capital Goods and BSE Bankex Index. Domestic market rally was fueled by the strong macro-economic data (GDP, GST collection, PMI) and the outcome of the state election results," said Shrikant Chouhan head equity research, Kotak Securities Ltd.
"The RBI MPC, as expected, voted unanimously to hold the repo rate at 6.5%. The RBI MPC revised India’s FY24 real GDP growth projection to 7% from 6.5% earlier. The markets will now look forward at the outcome of the U.S. Federal Open Market Committee meet scheduled next week," he added.
Nifty Rises For Six Week In A
HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., HCL Technologies Ltd., and Axis Bank Ltd. were adding positively to the indices.
Adani Ports and Special Economic Zones Ltd., Adani Enterprises Ltd., Mahindra & Mahindra Ltd., Bajaj Finance Ltd. weighed on the indices.
Eleven out of 13 sectors advanced this week, with Nifty Energy emerging as the top sector. Nifty Pharma declined the most this week.
The broader markets underperformed, with the S&P BSE MidCap Index was 0.16% lower, whereas S&P BSE SmallCap Index was 0.44% lower. 12 out of 20 sectors compiled by BSE advanced, while eight declined. S&P BSE TECK and Bankex rose the most.
The market breadth was skewed in the favour of sellers. Around 2002 stocks declined, 1749 advanced, and 129 remained unchanged.
HDFC Bank, ICICI Bank Take Nifty Bank To Life-High
Nifty Bank Touches Fresh Highs
Bank of Baroda Has 17 Lakh Shares Change Hands In Large Trade
17 lakh shares changed hands in a large trade
0.03% equity changed hands at Rs 209.05 apiece
Buyers and sellers not known immediately
Source: Bloomberg
