Sensex and Nifty settled on a higher note today.
New Delhi:
Indian equity benchmarks on Friday extended their gains for the third straight session, led by a strong buying interest in metal and technology stocks. Domestic indices also got a boost from index heavyweight Reliance Industries, other energy and consumer stocks.
Investors focused on a possible slowdown in the pace of rate hikes rather than a U.S. recession after data showed its economy shrinking for a second straight quarter.
The Fed raised rates by 75 basis points (bps), but its chair Jerome Powell dropped guidance on the size of the next rate hike and noted that “at some point,” it would be appropriate to slow down.
Back home, the 30-share BSE Sensex jumped 712 points or 1.25 per cent to close at 57,570 today, while the broader NSE Nifty moved 229 points or 1.35 per cent higher to settle at 17,158.
Mid- and small-cap shares finished on a strong note as Nifty Midcap 100 rose 1.42 per cent and small-cap climbed 1.70 per cent.
All 14 sector gauges — compiled by the National Stock Exchange — settled in the green. Sub-indexes Nifty Metal, Nifty IT, Nifty Oil & Gas and Nifty Consumer Durables outperformed the NSE platform by rising as much as 3.86 per cent, 1.71 per cent, 2.18 per cent and 1.75 per cent, respectively.
On the stock-specific front, SBI Life was the top Nifty gainer as the stock soared 8.61 per cent to Rs 1,294 after the private sector life insurer reported an 18 per cent growth in net income, at Rs 263 crore, in the April-June quarter. Tata Steel, Hindalco, Sun Pharma and Coal India were also among the gainers.
The overall market breadth stood positive as 2,101 shares advanced while 1,225 declined on BSE.
On the 30-share BSE index, Tata Steel, Sun Pharma, Bajaj Finserv, IndusInd Bank, Asian Paints, Infosys, Reliance Industries, Bajaj Finance, Wipro, HDFC, NTPC and Bharti Airtel were among the top gainers with their shares up as much as 7.27 per cent.
Further, shares of Life Insurance Corporation of India (LIC), the country’s biggest insurer and largest domestic financial investor, rose 0.44 per cent higher to end at Rs 677.85.
In contrast, Dr Reddy’s, Kotak Mahindra Bank, SBI, ITC and Axis Bank finished in the red.
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