Stock Market Today: Nifty Closes Below 22,000; Sensex Adds Over 400 Points
The Nifty closed 156.35 points or 0.72% higher at 21,853.80 while the Sensex closed 440.34 points or 0.6% higher at 72,085.63.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.06% on Friday.
Source: Bloomberg
Rupee Strengthens Against U.S Dollar
-The local currency strengthened 5 paise to close at Rs 82.93 against the U.S dollar.
-It closed at 82.98 on Thursday
Source: Bloomberg
Nifty Closes Below 22,000; Sensex Adds Over 400 Points: Closing Bell
Benchmark indices ended the Budget week higher after falling for two straight weeks with shares of Reliance industries and IT companies leading the gains.
During Friday's session, the Nifty 50 hit 22,000 for the first time since Jan 16 and the Sensex gained as much as 2.02%.
However, the Nifty failed to hold the crucial 22,000 while the Sensex fell after nearing its lifetime high as shares of Axis Bank and HDFC Bank weighed on them.
The Nifty closed 156.35 points or 0.72% higher at 21,853.80 while the Sensex closed 440.34 points or 0.6% higher at 72,085.63.
"Nifty surpassed the 22,000 mark during the first half of the Friday session but subsequently formed a double top on the hourly chart," said Rupak De, Senior Technical Analyst, LKP Securities. "Confirmation of a bullish trend resumption would only occur with a decisive breakout above the double top, which is currently identified around 22,125. "
Conversely, a break below the support level at 21,500 could indicate a bearish momentum. In the scenario of a breakout above 22,150, Nifty may experience upward momentum, potentially reaching levels such as 22,500 and beyond, he added.
Shares of Reliance Industries Ltd., Infosys Ltd., Tata Consultancy Services Ltd., NTPC Ltd., and Power Grid Corp. Of India Ltd. contributed the most to the gains.
Meanwhile, those of HDFC Bank Ltd., Axis Bank Ltd., Larsen & Toubro Ltd., ITC Ltd., and Hindustan Unilever Ltd. capped the upside.
The Nifty 50 ended 2.35% higher this week.
This week, only Nifty FMCG and Nifty Media fell. Nifty PSU Bank gained the most followed by Nifty Oil & Gas.
The broader markets rose in line with the benchmark indices. The S&P BSE Midcap gained 0.80%, and the S&P BSE Smallcap rose 0.49%.
On BSE, 16 out of 20 sectoral indices rose, while four declined. The S&P BSE Oil and Gas surged over 4% to become the best performing sector.
The market breadth was skewed in favour of the buyers. About 2,040 stocks rose, 1,805 declined, and 98 remained unchanged on the BSE.
JSW Infra Q3 Results Key Highlights (Consolidated YoY)
Revenue up 17.9% at Rs 940.1 crore vs Rs 797.7 crore
EBITDA up 42.8% at Rs 542.4 crore vs Rs 313.9 crore
Margin at 57.7% vs 39.4%
Net profit at Rs 253.6 crore vs Rs 116.4 crore
Engineers India Q3 Results Key Highlights (Consolidated YoY)
Revenue up 3% at Rs 867.6 crore vs Rs 842.2 crore
EBITDA up 42.8% at Rs 50.05 crore vs Rs 49.74 crore
Margin at 5.8% vs 5.9%
Net profit at Rs 63.35 crore vs Rs 16.12 crore
