Benchmark indices ended higher for the sixth straight session today led by a surge in banking stocks. Sensex rose 390 points to 56,072 and Nifty ended 114 points higher at 16,719. In the last six sessions, market cap of BSE-listed firms has risen by Rs 10.39 lakh crore to Rs 261.04 lakh crore against Rs 250.65 lakh crore on July 14.
Ultratech Cements , HDFC twins, Axis Bank and ICICI Bank were the top Sensex gainers today, rising up to 5.03 per cent.
Infosys, NTPC, and PowerGrid were the top Sensex losers, falling up to 1.73 per cent.
Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities said, "Falling crude oil prices and rebound in FII inflows into the domestic market helped benchmark Sensex to close above the psychological level of 56,000. The fear of aggressive rate hikes by both the US Fed and RBI seems to be moderating, which is giving investors some room to lap up stocks of companies with good fundamentals.During the week, the Nifty successfully cleared the short term resistance of 16,300 and also cleared the 100-day SMA. For traders, 16,800 and 16,950 would act as an immediate resistance zone, while 16,500-16,350 could be the key support levels."
Mid cap and small cap indices fell 41 points and rose 56.85 points, respectively.
Banking shares were the top sectoral gainers with their BSE index rising 620 points to 42,405.
Deepak Jasani, Head of Retail Research, HDFC Securities said, "Asian stock markets were mostly higher though mildly and on course for their best week in months. European stock markets edged higher on Friday, ending the week on a positive note despite the European Central Bank's larger-than-expected interest rate as well as disappointing survey growth data. On a weekly basis, Nifty rose 4.18%, the largest rise in 5 months. Nifty could see a higher opening on Monday continuing from the current momentum but find it difficult to record sharp gains after 6 days of rise. 16,794 could be the next resistance in the near term while 16,588-16,627 could provide support. Upward breach of 16,794 could lead the Nifty to 16,889-16,958 band."
Market breadth was positive with 1,782 stocks ending higher against 1,541 stocks falling on BSE. 146 shares were unchanged.
The market cap of BSE-listed firms rose to Rs 261.04 lakh crore today against Rs 260.46 lakh crore in the previous session. Foreign institutional investors turned net buyers on Thursday, purchasing shares worth Rs 1,799.32 crore, as per exchange data.
Meanwhile, the rupee ended on a flat note as gains from positive domestic equities and fresh foreign inflows were negated by strong demand for the American currency in the overseas market. At the interbank forex market, the currency opened lower at 79.90 against the dollar and finally settled at 79.86, logging a fall of 1 paisa against its previous close.
On Thursday, market closed higher led by a surge in capital goods and IT stocks. Sensex rose 284 points to 55,681 and Nifty ended 89 points higher at 16,610.
Shares traded higher in Europe and Asia on Friday after another day of gains on Wall Street driven by strong corporate earnings.
Germany’s DAX edged up 0.1% to 13,266.16 while the CAC 40 in Paris added 0.1% to 6,209.60. Britain’s FTSE 100 likewise traded in a narrow range, adding 0.1% to 7,278.69.
Tokyo’s Nikkei 225 index gained 0.4% to 27,914.66 on Friday, while the Hang Seng in Hong Kong added 0.2% to 20,609.14. Australia’s S&P/ASX 200 lost less than 0.1% to 6,791.50.
On Thursday, the S&P 500 climbed 1%. The Dow rose 0.5% and the Nasdaq gained 1.4%.
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