Breather for Stock Market after week long onslaught
Indian stock markets on Friday snapped the four-day losing streak and ended higher. Nifty closed just below the 23,900 mark. Markets seen buying across metal, oil & gas and private banking stocks. Nifty crossed the 24,000 mark during the session, but intraday profit booking pared some of the gains.
At close, the Sensex was up 362.57 points or 0.48 percent at 76,515.43, and the Nifty was up 24.25 points or 0.10 percent at 23,897.70. For the entire week, BSE Sensex and Nifty fell nearly 1pc each. Among the sectors, Nifty Metal index was the top performer, rising more than 1pc. It was followed by private banks and oil & gas stocks.
Auto, IT, PSU Bank, pharma and realty indices declined around 0.5pc each. On Nifty, the gainers were SBI Life Insurance, Tata Steel, HDFC Life, Reliance Industries and Trent while HCL Technologies, Coal India, Maruti Suzuki, Bharti Airtel and Bajaj Finserv were the major laggards. More than 180 stocks touched 52-week high including New India Assurance, IFCI, Maharashtra Seamless, Welspun Living, ACME Solar, Capri Global, Lenskart Solutions, Elgi Equipments, RBL Bank, Craftsman, Solar Industries, Redington, Usha Martin, PTC Industries, Anthem Biosciences, among others.
In terms of the individual performers, Angel One rose 4pc, shares of Ramco System added more than 4pc while Sterlite Technologies added 5pc. Vinod Nair, Head of Research, Geojit Investments Limited said, “Indian equities witnessed a relief rally as concerns over an imminent U.S. Fed rate hike eased. However, gains remained capped due to profit booking at higher levels and persistent geopolitical tensions in the Middle East. Investor focus remains on the U.S. employment data due later today, while next week’s U.S. CPI print will be crucial in assessing the interest rate outlook. Consensus expectations of a marginal decline in core inflation for August could strengthen expectations of a pause in Fed rate hikes and help contain bond yield volatility.”
“On the domestic front, stock- and sector-specific buying remained evident across the broader market, with small-cap indices touching fresh intraday lifetime highs. Strong earnings momentum, resilient economic growth, and robust domestic demand continue to underpin investor confidence in the broader market.”
Auto, IT, PSU Bank, pharma and realty indices declined around 0.5pc each. On Nifty, the gainers were SBI Life Insurance, Tata Steel, HDFC Life, Reliance Industries and Trent while HCL Technologies, Coal India, Maruti Suzuki, Bharti Airtel and Bajaj Finserv were the major laggards. More than 180 stocks touched 52-week high including New India Assurance, IFCI, Maharashtra Seamless, Welspun Living, ACME Solar, Capri Global, Lenskart Solutions, Elgi Equipments, RBL Bank, Craftsman, Solar Industries, Redington, Usha Martin, PTC Industries, Anthem Biosciences, among others.
In terms of the individual performers, Angel One rose 4pc, shares of Ramco System added more than 4pc while Sterlite Technologies added 5pc. Vinod Nair, Head of Research, Geojit Investments Limited said, “Indian equities witnessed a relief rally as concerns over an imminent U.S. Fed rate hike eased. However, gains remained capped due to profit booking at higher levels and persistent geopolitical tensions in the Middle East. Investor focus remains on the U.S. employment data due later today, while next week’s U.S. CPI print will be crucial in assessing the interest rate outlook. Consensus expectations of a marginal decline in core inflation for August could strengthen expectations of a pause in Fed rate hikes and help contain bond yield volatility.”
